May. 06, 2022
Dear SEC, I write to you as a long time GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. I am very familiar with the risks associates with this type of investment, and believe that allowing GBTc to convert to a true ETF will be less risky than the current structure. By not approving this conversion, you are not protecting me, the investor – the very person you were appointed to protect. Last October, you approved futures-backed Bitcoin ETFs which are much more speculative and susceptible to manipulation but continue to reject applications for spot Bitcoin ETFs. Given that investors use both vehicles to gain exposure to the same underlying asset, Bitcoin—from which both vehicles derive their prices—we, as investors, should be able to choose if we’d like direct or futures-based exposure to that asset. GBTC has hundreds of millions in daily trading volume. It holds approximately 3.4% of all Bitcoins outstanding, and is held by more than 850,000 investors, like me. I think it will better serve us AND future investors as an ETF. I’m writing from Michigan to express my view to you and with the hope and expectation that you will approve this conversion and protect the interest of investors. Sincerely, John Nyquist