May. 11, 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 current own GBTC, which charge 2% fee, by converting GBTC to an Etf which would result in lower fee just like other S&P 500 etf. I don’t understand why you would approved a future bitcoin eft which is higher fee and cause slippage in trading future product. SEC was supposed to protect the public which is the retail investor, not BIG BANK. I implore you to approve a spot bitcoin etf so I can invest in my ira and 401k accounts. Thank you from a resident of the great state of Texas. *Sincerely, Nga Phan (P.S. this is the first time in my life they I write a letter to a government agency.)