May 24, 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. The bitcoin network has great potential as a store of value and as an alternative investment that in aggregate will be less correlated to traditional investment classes. GBTC has offered investors an opportunity for mainstream investors to invest in bitcoin safely without the learning curve or risk of scams that have also developed with the nascent crypto markets. It is in the spirit of the SEC to protect investors. By approving a spot ETF the costs of investing in a new asset class will be reduced and investors will have a safer alternative to venturing into crypto exchanges. I think it makes sense and I don’t understand any reason why this should be held up considering the much more risky futures ETFs have already been approved. It seems disingenuous to approve derivative paper instruments that add extra layers of risk without allowing an asset back security that underlies the prices of the futures ETFs. I ask for the SEC to exercise consistency, common sense, and a willingness to provide a framework for financial markets to continue to fit the evolving world that we live in. Sincerely, Matthew Fergusson