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. I am not a sophisticated investor. But I do understand the basic difference between a futures market and a spot market. I know that I do not understand futures well enough to go near them. But the plain old spot price of a commodity is easy to understand. Can you explain to me how it is possible that there are two Bitcoin futures ETFs available for my investment, but no simple spot ETF? For a regulatory body that is charged with my protection in financial markets, how does this possibly make sense? Sincerely, Karl Goetze