May 6, 2022
Dear SEC, I am writing as an investor in the Grayscale Bitcoin Trust. People like me choose to own shares in GBTC because the SEC has not approved a Bitcoin ETF. It makes no sense to me that you have approved ETF's based on Bitcoin futures, but not on Bitcoin itself, and I fail to see how a Bitcoin futures-based ETF better protects investors. I urge you to approve the conversion of Grayscale Bitcoin Trust into an ETF. I can appreciate that you may have concerns about Bitcoin as an asset. However, given that there are ETF's based on various kinds of derivatives, or that specialize in assets like junk bonds, it's hard to see why the SEC should be specifically trying to protect investors against the risks likely to be associated with a Bitcoin ETF. Thank you very much for your time. I appreciate the opportunity to comment. Sincerely, Sonja Kueppers Maryland