May 20, 2022
Dear SEC: I’m writing to support the conversion of Grayscale Bitcoin Trust (GBTC) currently the world’s largest Bitcoin fund%2C to the first Spot Bitcoin ETF in the United States. Over 100 million people around the world have used bitcoin. Bitcoin has well developed exchanges around the world and trades 24/7. As every transaction is viewable 24/7 (since the beginning of time) why not approve GBTC for spot etf? The fact that BITO and futures funds can cost 8-10% in fees and a spot bitcoin fund would likely be much less than 2% in fees - it would seem that a spot etf would make more sense to provide access to than a futures etf . Likely < 1/2 of 1% of Americans would invest in a Futures fund. Please give the people what they want and approve GBTC. Thank you Kirk Woodley