Apr. 24, 2022
Dear SEC, I am writing to advocate for the conversion of GBTC to an ETF. Retail investors are being harmed by the current SEC position regarding Bitcoin Spot ETFs to the tune of a 20-30% discount on the Net Asset Value of the fund. It is the not the Bitcoin market that is harming these investors, it is the SEC's actions. Ostensibly, the SEC has stated that it is concerned about market manipulation on the Bitcoin spot market. It is the SEC's consistent rejection of a Bitcoin Spot ETF that continues to "manipulate" the discount of GBTC down. Furthermore, the SEC has failed to substantiate what it means buy that. Is it referencing the buying and selling of the asset itself? Institutional investors buying or shorting shares that don't exist? The Bitcoin market is much lager than most, if not, all stocks traded on regulated exchanges and is therefore far more resilient to attempts at market manipulation than most stocks. It is also global and far more decentralized than any equity market. It is time that the SEC stop gatekeeping legitimate and beneficial asset classes for wealthy investors and financial institutions, and allow all investors of all backgrounds to access the most valuable and promising areas of our economy. Thank you for your time, Andrew