Apr. 23, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. Granting GBTC's conversion to a spot ETF would allow individuals to invest in an asset which can be complicated to hold directly for many individuals. Self-custody of BTC holds many inherent risks, such as the loss of private keys, which some may look to mitigate by allowing an entity with a proven track record in security, such as Grayscale, to custody on their behalf. Similar to precious metal and commodity ETFs, GBTC's conversion would allow individuals the ability to further diversify their portfolio to meet the risk management requirements for that specific individual, and allowing them to expose themselves to an asset that is otherwise difficult to personally custody. Allowing investors access to a BTC futures ETF before access to a spot ETF is not helping individuals to responsibly invest in a developing asset class. The SEC should take initiative to protect under informed investors from investing in a futures product with the hopes of gaining exposure to BTC by approving GBTC's conversion to a spot ETF. Thank you for your time and consideration. Sincerely, Tyler Jenkins Brunswick, OH