May. 11, 2022
To Whom it May Concern, I am writing in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust (OTCQX: GBTC) – the world’s largest publicly traded crypto asset fund — into a Bitcoin Spot ETF. Futures ETFs hurt small investors and only serve institutions who play in those markets - giving them nothing more than a convenient derivative product to hedge against the rest of their exotic investment exposures. If the SEC truly cares about their mandate to protect individual investors, you should promptly approve several of the raft of well-organized and professional Bitcoin Spot ETF applications you’ve received to date, including the GBTC conversion. Not doing so directly hurts the countless small retail investors who wants a safe and regulated access to this asset class. Barring a spot ETF, this cohort is forced to take significant risks with self-custody or hot wallet storage on exchanges. This is an unacceptable situation for retirement savings and long-term passive investing strategies. Multiple Bitcoin Spot ETFs have been approved and are actively—and safely—traded in several non-US jurisdictions. At this point, the US is behind the curve, and the longer the SEC waits to approve a Spot ETF, the more individual investors become disadvantaged by the agency’s arbitrary, obstructionist and incoherent stance on this direly needed product. Sincerely, Frustrated Retail Investor in Western CO