May. 17, 2022
To Whom it May Concern, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. Futures markets are inherently more complicated, more expensive, and riskier than spot markets. As an individual investor, I am not comfortable operating in a futures market that seems more suitable to professional or high-net-worth investors. The approval of only futures-based products seems to encourage less-transparent, more expensive, and riskier investing, all of which is contrary to the SEC’s stated goals, at least as far as individual investors are concerned. The SEC’s refusal to approve a spot bitcoin ETF has actively and consciously reduced the value of my investment in GBTC, which currently trades at a roughly 25% discount to its underlying holdings. I am willing to accept market risk and volatility, but I chafe at a policy that actively and intentionally and knowingly reduces the value of investments I have already made. The SEC is harming me, not protecting me. I’m writing from New Orleans, with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interests of individual investors. Sincerely, Dewey Scandurro New Orleans, LA