May. 10, 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. Currently, all the US based Bitcoin EFTs are Futures/Derivative products. Most, if not all these EFTs do not accurately track Bitcoin price and there is a lot of slippage (cost to maintain the fund) due to the use of Bitcoin Futures/Derivative products. Because of this, it would be unwise for an individual to use any of the current US based Bitcoin EFTs for long term investing. Therefore, a SPOT Bitcoin EFT is needed for individuals that are not looking to time the market. Sincerely, Andre Campbell