May. 08, 2022
SEC, I am an investor in GBTC and had a 20 year career in the financial sector. I ask that you approve the conversion of GBTC to a spot ETF for the following reasons.... 1. Millions of Americans are investing in Bitcoin through various exchanges and deserve a more trustworthy product such as an ETF as an investment tool. 2. After the SEC approval of a futures ETF I see no reason why a spot ETF cannot be approved without delay. In my opinion a futures product is simply a tool for large institutions to manipulate the price of the underlying asset while not actually holding BTC. Also, some investors are purchasing the futures ETF thinking they are holding BTC, which they are not. 3. GBTC has allowed me to invest in Bitcoin in my retirement accounts but I feel this trust does not accurately reflect the current market value of Bitcoin and a spot ETF would be a much better investment product for the job. 4. Other countries around the world such as Canada allow investors the ability to invest in a spot EFT. Not approving an ETF only forces investors to buy Bitcoin through riskier channels. An ETF is a product most Americans understand and are comfortable with. Thank you for your consideration, Nick Contristan