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. A spot Bitcoin ETF would better track the price of Bitcoin. GBTC isn't able to track the price of Bitcoin, resulting in losses relative to net asset value. The SEC needs to allow investments to track net asset value, by enabling the spot Bitcoin ETF. Futures based Bitcoin ETFs suffer from contango and backwardation, and thus also do not track net asset value. Thus, futures based ETFs are not the solution. Allowing a spot Bitcoin ETF is the only solution for protecting investors. Other countries have approved spot Bitcoin ETFs. It's time for the SEC to follow suit. I'm a Canadian but I hold shares in GBTC, among other American holdings, and would like to see GBTC convert to an ETF. It's not just for Americans, but for Canadians like myself too. Sincerely, Paul den Boef