May. 03, 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. Last October, you approved a futures-backed Bitcoin ETFs, but I will not be using that vehicle because I’m concerned that I will lose money due to not understanding the futures market. Ironically, I would feel safer using a simple Bitcoin ETF for my investment more than any other avenue including holding BTC directly in my own wallet! Please help people like myself; my gut feeling is that, since you approved a futures ETF, your decisions are benefitting Wall Street professionals that profit through management fees and have market access that I do not have the privilege of using. It is my understanding that the SEC Chairman previously worked for a large Wall Street firm so it would be only natural for him to be influenced by his long time friends from that professional sphere. I’m writing from the state of Mississippi, with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of COMMON investors like myself. Sincerely hoping that this letter matters, R. Wilson