May. 09, 2022
To whom it may concern, I write to you as a GBTC shareholder in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. GBTC, as you know, is the world’s largest publicly-traded cryptocurrency fund and is held by more than 850,000 investors in the US and around the world. GBTC allows retail investors to diversity into a new asset class that is potentially an excellent inflation hedge and to do so with the financial institutions with whom they already hold relationships. It also allows investors to offload the complexity and security issues inherent with dealing with digital wallets, digital currencies, and Bitcoin exchanges and to simplify their financial planning and tax reporting. Frankly it is ridiculous that the SEC has not approved this conversion already. That the SEC would approve futures-backed Bitcoin ETFs before spot market Bitcoin ETFs is borderline irresponsible and, by doing so, rather than increasing market stability, the SEC has instead increased market volatility. And thereby damaged investors, particularly retail investors, instead of protecting them. I’m writing from Virginia, with frustration and annoyance that the SEC continues to drag their feet and thereby acts to the detriment of retail investors and in the favor of large financial institutions. Do your job. Protect retail investors and decrease market instability by approving the conversion of GBTC to an spot market Bitcoin ETF. Sincerely, Michael W. Wellman