May. 06, 2022
Dear SEC, I write to you as a market participant and former GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) — the world’s largest publicly-traded cryptocurrency fund — 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. Personally, I will not invest in futures as they are less reliable as a means of investment and rather resemble more of gambeling than investing. Further, I no longer invest in GBTC Trust as its price correlation to BTC is to volatile and an ETF would provide more stability to the marketplace. Note, in this I am expressing my desire and support of BTC and only BTC to be approved for investing in this way and in no way suggesting that all or any other cryptocurrencies be giving this approval. I’m writing from Virginia, with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of investors. Sincerely, Lorenzo VM