May. 05, 2022
Dear SEC, I’m writing to support the conversion of Grayscale Bitcoin Trust (Symbol: GBTC), currently the world’s largest Bitcoin fund, to the first Spot Bitcoin ETF in the United States. I have been invested in this product through my brokerage and retirement accounts since 2018. I feel as though I’ve lost investor protection through the denial of spot ETFs. As a result, GBTC trades at a 25-30% discount to its trust account holdings. This has impacted my day to day individual investment and retirement accounts by thousands of dollars. Please make this right by approving the GBTC spot ETF this summer - it’s the leading product in the space. The recent approval of the futures ETF under ‘33 act highlights the need to treat the spot ETF consistently. The over 800,000 GBTC investors well know the product they are invested in, please make it act as it’s designed by allowing the spot ETF conversion and eliminating the trust’s NAV discount. Thank you for your time and consideration. Sincerely, Michael Feeley