May. 06, 2022
Dear SEC, I write to you as a GBTC shareholder, I support of the conversion of Grayscale Bitcoin Trust to an ETF. I am well aware of the risks involved in investing and you are not protecting me by not allowing a Bitcoin ETF. Give Americans the same opportunity and Canadians. Crypto currencies are now at least a $2 trillion asset class. Last October, you approved futures-backed Bitcoin ETFs, 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. Thank You Craig T. Wheatley of Illinois