May 26, 2022
Hello, I am a GBTC grayscale shareholder that is currently unhappy because the SEC is preventing the conversion of a legitimate fund into a spot ETF. The stubbornness of the SEC means my large investment trades at a steep discount to NAV. Conversion to a spot ETF would fix this. I understand the SEC has other larger concerns over spot ETF besides Grayscale. However I feel Grayscale is the logical applicant to approve first since they are the first and largest of funds in the space. Regarding all the other excuses the SEC continues to delay the spot ETF. Consider all of the current crypto investors that you are driving into riskier products. Consider all of the investors who are doing self-custody and losing their keys or getting hacked. The spot ETF solves these issues for the everyday investor looking for some real crypto exposure. At this point denying a Spot ETF in the name of "protecting" investors seems very not genuine and politically driven. Currently I can buy 100s of exotic leveraged ETFs where the underlying is a global commodity such as oil or copper etc. Is the SEC confident that these spot markets are "fair" and under their "regulation"... even when OPEC can snap their fingers and manipulate the spot price.... I could go on and on... you see my point. No global decentralized commodity whether gold or oil or Bitcoin can be completely regulated so I am asking to stop politicizing this ETF and approve it so that retail investors have a safer option and GBTC investors are no longer punished. Of all the financial products available out there a Spot Bitcoin ETF is certainly not the One that retail investors need "protection" from. Thank you for listening to informed and responsible crypto investors. Please approve the GBTC conversion to spot ETF and open the door for a safer way for investors to custody and trade their Bitcoin. Thank you, John Goodall