Jun. 04, 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 am a Clinical Psychologist serving in the Army and am currently stationed in Texas. I have a broad investment strategy. Part of this strategy includes Bitcoin. I own some Bitcoin through one of my accounts but a large portion of my investments are in accounts which don’t allow direct investment in Bitcoin. So I have purchased a significant stake in the Bitcoin futures ETFs, particularly in BITO. Although this gives me general exposure to Bitcoin it is a worse option than holding actual Bitcoin or a Spot Bitcoin ETF because of the limitations of futures (contango/backwardation). Thank you for your time and consideration. Sincerely, Rod Merkley