May. 06, 2022
Dear SEC, I'm writing as a California-based shareholder of GBTC in support of its conversion to an ETF. A futures-based Bitcoin ETF has been approved, but to date no spot-based exposure to BTC exists for investors like me. GBTC has been trading at around a 25% discount this year because of its structure. Conversion to an ETF would eliminate wild discounts and premiums to NAV like we've seen over the past couple years. Cryptocurrencies already represent a risk-on asset class. Adding layers of obfuscation like this make it even harder for individuals to understand and participate in this new asset class. I know you are incredibly busy doing challenging work. Thank you for taking a brief moment to consider my strong request to convert GBTC to a spot-based ETF. Whatever the SEC ultimately decides on this issue, I am grateful to you for supporting the complex work your organization is responsible for. All the best, Derrek Coleman