May. 06, 2022
Dear SEC, I am a GBTC shareholder. I strongly support approving GBTC's application to convert to an ETF. I am very interested in Bitcoin and blockchain technology. I have read several books on Bitcoin, listen regularly to Bitcoin podcasts and have watched Chairman Gensler's entire MIT course on blockchain. Almost all of my Bitcoin exposure is through GBTC. While I feel strongly about Bitcoin remaining relevant for years to come, I am nervous about only investing in it through GBTC. Unfortunately, when I first started purchasing GBTC it was at a slight premium rather than a significant discount. But even more concerning to me than the discount (which I trust will someday be resolved once an ETF is approved) and the unnecessarily high fees, I am uncomfortable relying on one counterparty for my Bitcoin investing. However, I have very few alternatives to invest in Bitcoin through my tax-preferred accounts. I have avoided the other trust (Osprey) because I didn't get the same comfort of institutional buy-in as I did researching GBTC. I do not understand the nuances of futures contracts enough to invest in the BTC futures ETFs. And I have a high degree of skepticism about the various other exchanges and groups that peddle BTC investment opportunities. Please improve GBTC by approving the conversion. I also hope this opens the door for other legitimate ETFs to enter the space and provide institutional competition. If Canadians, Australians, and Eurpoeans have this option (and exercise it at the expense of GBTC shareholders), it's time that as an American investor I do as well. Thank you, Kraig