May 6, 2022
Dear Sir/Madam, Many many retail investors do not buy bitcoin related futures and derivatives nor do they directly buy the coins. Instead they buy GBTC through their retail brokerage, the first of such products in the market. The product currently trades horribly relative to it NAV and at one point it also traded at a ridiculous premium, which allowed rampant institution arbitrage trades. To convert GBTC to an ETF will reduce the wild fluctuations of premiums and discounts in GBTC and make it a much more superior product at lower fees for the little people, who want a simple way to have exposure to cryptos. Many products and companies go through it's natural cycle of boom and bust, which SEC cannot and should not control. But while the products are serving the public, SEC should not prevent the products from evolving into it's best form. GBTC and similar products as an ETF are no doubt superior than its current form. SEC should move forward to take timely action to break the regulatory barrier for GBTC or similar products to better serve the public market. Respectfully, Helen Cheng