May. 10, 2022
Dear SEC, I’m writing to implore you to support the conversion of the Grayscale Bitcoin Trust (Symbol: GBTC), into a Spot Bitcoin ETF and simultaneously work to clean up the crypto exchanges. I understand the concern around some of the crypto exchanges; the existence of a regulated, secure spot ETF will greatly enhance the space. And more importantly, as the discount to NAV in the trust currently is somewhere around ~25% harms holders of the trust, myself included, and the ability for Grayscale to eliminate the discount as part of a spot ETF would help investors such as myself. If you want to protect investors I implore you to approve the spot ETF and then start to clean up the crypto exchanges independently. I have no love for the exchanges, but this shouldn't prevent the SEC from helping people in the space in the meantime, while working to clean those up. I think you'd get a lot of support from people in the space in this endeavor. Sincerely, Michael Anderson