May. 06, 2022
Hi SEC, I'm writing to advocate for the SEC to approve the conversion of GBTC to a spot bitcoin ETF. I'm just an average Joe investor who believes in bitcoin as a store of value (over 4-year-plus time horizons). While I own some bitcoin in offline storage, I desire the convenience of holding some through a fund. This is why I maintain an allocation to GBTC. I don't want to buy a futures product since I'm not a futures investor. That sort of thing is too complex for me. I've never done puts or calls or leverage trades (and I'm not really sure if that has anything to do with futures). I just know I like to keep it simple. I've heard there are some reasons why the SEC has not chosen to approve a bitcoin spot ETF. But I don't understand how the average investor like me benefits by being able to access GBTC and the futures bitcoin ETFs, but not a true bitcoin ETF. And I don't think it's fair to GBTC how things are now. Thanks in advance for approving the conversion (if you choose to). - David Dangerfield