May. 03, 2022
Dear Sir; An ordinary citizen writing to you asking that the GBTC trust needs to be converted to an ETF. I have invested in bitcoin since 2017. I began, and continue to, buy bitcoin that I self custody. I have also through my 401K plan at work been able to buy shares of the GBTC trust. I bought GBTC starting in 2017 because there was no other alternative for me to invest in my retirement account. There is a hefty 2% per year fee and the price of the trust not only fluctuates with the price of bitcoin, but also with the premium/discount to its NAV. Now that multiple countries have approved spot Bitcoin ETFs including Canada, Australia, Germany and Switzerland its time that the United States allow its citizens to enjoy the benefit of Low Fees and less NAV fluctuation. The SEC has already approved a bitcoin futures ETF. This product is not suited for the ordinary citizen as much as a plain Spot Price ETF. To protect the citizens of the USA the SEC should immediately approve the conversion of GBTC into an ETF. Then the SEC can protect the people of the USA by auditing the new GBTC ETF and verify they have custody of Bitcoin claimed. Thank You, Kevin Sciarra