Apr. 22, 2022
Dear SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. By not approving this conversion, you are not protecting me, the investor – the very person you were appointed to protect. I have been waiting for this fund to become an ETF since 2017. I also invest in other more tradition ETF’s. I used to have a gold ETF, why can I not put money into a Bitcoin ETF? Last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. It’s bullshit. GBTC is the world’s largest publicly-traded cryptocurrency fund, with hundreds of millions in daily trading volume. It holds approximately 3.4% of all Bitcoins outstanding, and is held by more than 850,000 investors, like me and I would like an ETF to invest into, within my Roth IRA. I’m writing from Louisiana, soon to move to Minnesota as I am retiring from the military, with gratitude for the opportunity to express my view to you and with the hope and expectation that you will approve this conversion and protect the interest of investors like me. Sincerely, SFC Saladin, Joseph