May. 06, 2022
Dear Chairman Gensler, I am Stephen Sacco, Retired age 67 and I am in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust (OTCQX: GBTC) – the world’s largest publicly traded crypto asset fund, with approximately $30 billion in AUM, hundreds of millions in daily trading volume, more than 850,000 investors, holding approximately 3.4% of all Bitcoins outstanding – into a Bitcoin Spot ETF. Currently, ETF’s for Bitcoin are based on futures contracts containing derivatives. Please consider allowing Grayscale to convert the existing GBTC Trust to Bitcoin ETF based on spot prices. Perhaps regulation on an ETF based on spot prices would be a good thing for the individual investor. Thank you for your consideration. Sincerely, Stephen Sacco