May. 03, 2022
To SEC I think Grayscale Bitcoin Trust should be able to convert to an ETF. If it’s riskiness to investors that you’re concerned about, from my perspective as a retail buyer the risks in the current situation vs. an ETF arrangement are both overwhelmingly dominated by the price of the underlying bitcoin. The risk of buying the trust at a discount and selling at some point at a discount are much the same as buying and selling near NAV with an ETF. The fact that a futures ETF, of all things, is permitted, but not a spot ETF, seems weird to me. I would like the opportunity to have the convenience of an ETF without having to think about the added variables of futures, or of large discounts/premiums. Thanks.