May. 06, 2022
Dear SEC, Do the right thing. There is no good reason to delay. I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (GBTC) to an ETF. By not approving this conversion, you are not protecting me, the investor – the very person you were appointed to protect. Last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. Given that investors use both vehicles to gain exposure to the same underlying asset, Bitcoin—from which both vehicles derive their prices—we, as investors, should be able to choose if we’d like direct or futures-based exposure to that asset. I’m writing from California, with the hope and expectation that you will approve this conversion and protect the interest of investors. Sincerely, Jesse Hendrix