May. 18, 2022
SEC, I write to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF. I recognize the need for investor protection, but on the other hand a ETF form for investing (or speculating) is a preferred method. I am not a expert in security regulation so i acknowledge the potential need for regulation, but I would expect that reasonable protections should be well understood. As a new product based on a volatile instrument, it is most likely that whatever regulatory mechanism that is put into place at whatever time will likely not perfectly protect and will likely needed in place modification. However, by not proceeding, the availability of the investment category is not available and the ability to fully learn what is needed is absent. By not approving this conversion, you are not helping me, the investor. Last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. We, as investors, should be able to choose direct exposure. I’m writing from Illinois, with gratitude for the opportunity to express my view and with the hope that you will approve this conversion and protect the interest of investors. Sincerely, Paul Erickson