May. 06, 2022
Dear Commissioner: Please allow the conversion of Grayscale Bitcoin Trust (GBTC) into a Spot Bitcoin ETF. As a safe alternative to cryptocurrency exchanges, I have purchased a substantial amount of GBTC in my retirement and investment accounts. In addition to the inherent volatility of cryptocurrencies, I have seen a loss of up to and over 30% because the SEC has disallowed the Bitcoin Spot ETF and redemptions of the GBTC for spot BTC. Other nations, including Canada, European nations, and Australia, allow BTC spot ETFs and you have allowed ETFs holding BTC futures, which generally perform worse than spot ETFs. As an investor saving for his retirement, my options have become: 1. Invest in spot Bitcoin directly, with the inherent associated private key and exchange hack risks, 2. Invest in US futures ETFs, which perform worse than spot BTC, or 3. Invest abroad in spot ETFs offered by other nations, with the costs and risks of international investments. In short, I am worse off as a US private investor because of the SEC's refusal to approve a Spot BTC ETF and I respectfully request that you immediately approve Grayscale's application to allow GBTC to become a BTC Spot ETF. Respectfully, Gregory Piede