May. 06, 2022
Dear SEC rules officials, I am a US citizen from Virginia, and I own some Grayscale Bitcoin Trust (GBTC) shares, which I hold in my Fidelity Brokerage account. I’m employed as a patent attorney and I have a variety of investments which serves as my “nest egg” for my family. I have about 5% of my assets in cryptocurrency, and presently hold the cryptocurrency in GBTC, Coinbase and Paypal. I would much prefer to hold bitcoin in an ETF that is managed in my Fidelity brokerage account. My main motivation is convenience and safety. I don’t want to rely on password protection for an e-wallet in Coinbase. I also don’t like the idea of the GBTC premium. An advantage of a Bitcoin ETF, in my view, is that I can have all of my assets consolidated in a central brokerage account. I presently own other ETFs, including IAU which is exclusively for Gold. I find it frustrating that there are no ETFs for Bitcoin now and I think the SEC has been overly slow in approving one, especially since it approved a futures-backed Bitcoin ETF, which I consider more risky, more confusing, and more susceptible to manipulation than an ETF that holds the underlying asset, bitcoin. I don’t own any futures and I don’t want too. I understand that GBTC has submitted an application convert the Grayscale Bitcoin Trust (GBTC) into and ETF. I am strongly favor the SEC approving GBTC’s application for conversion to an EFF for the reasons I explain above. Best Regards, Bradley Lytle