May. 20, 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 reside in the state of South Carolina. I have been very active in the stock market for the last 15+ years. During the Covid market disruptions, I was trying to protect my portfolio with SQQQ. I lost a lot of money on this triple short tech ETF. At the time I was trading it, I did not know that it eroded over time and that I was guaranteed to lose money if I held it for an extended period. I don’t understand why a product like that is allowed, and a spot bitcoin ETF is not. I am heavily invested in GBTC today and I would like to see it convert into a spot bitcoin ETF. In addition I own micro strategies stock as well as Coinbase stock. I own these equities to get exposure to bitcoin, but I would much prefer to have access via a spot ETF. Please approve the spot Bitcoin ETF. Kind regards, John Conklin