May. 16, 2022
Dear SEC, Please consider converting the Grayscale Bitcoin Trust to an ETF. I am a small retail investor, who has invested in GBTC solely to get exposure to bitcoin in my retirement plan, which I was unable to do any other way. The American people need to have access to the best-performing asset of the last decade inside their retirement plans, without paying high fees. I am losing 2% of my investment annually due to fees, which would drop significantly if converted to an ETF. I am also perplexed on how futures-based bitcoin ETFs have been approved but a spot ETF has not. I consider myself a knowledgeable investor, but I don't understand futures. They are complicated. I want to be able to buy a share of the underlying asset itself...not the futures. Other countries have implemented spot ETFs for bitcoin successfully. This is very frustrating for me because I have lost 25% of my investment (current discount to NAV) solely because we do not have a spot ETF. The SEC cites investor protection but is actually hurting many investors by not allowing a spot Bitcoin ETF due to this current discount and high fees for this investment. Thank you very much for your consideration. I appreciate your time.