Hundreds of comments have been published online in the past two weeks, after Grayscale Investments launched a media campaign encouraging the public to weigh in on a Bitcoin ETF.
The SEC has been inundated with hundreds of comment letters this month from investors urging the agency to take action on a long-awaited Bitcoin ETF, following a strategic campaign by one of the industry’s leading digital asset managers.
Nearly 200 comments have been published online in the past two weeks, after Grayscale Investments launched a media blitz to encourage the public to weigh in on the company’s application to turn its $26 billion Bitcoin Trust (BTC) into an ETF tied to the cryptocurrency’s spot price.
If $GBTC is approved to convert to a Spot Bitcoin ETF:
We will reduce our management fee
Mechanisms inherent to an ETF should effectively close the discount to NAV
U.S. investors will get a new option to access the spot price of #BitcoinA 🧵 on how you can support our efforts: pic.twitter.com/vsW8pSjBNM
— Grayscale (@Grayscale) February 22, 2022
Grayscale has become the largest bitcoin investment vehicle in the world, with assets under management of close to $40 billion. It holds roughly 3.44% of all bitcoin in circulation, according to Grayscale.
The recent surge in letters is up compared to just 14 letters sent to the SEC between October, when Grayscale filed to convert the ETF, and then end of January.
“Every day I have clients ask me about cryptocurrency and Bitcoin,” wrote Douglas W. Shultz, a wealth manager with Yorkshire Wealth Management in San Diego. “The cryptocurrency market has passed silver in terms of total market capitalization at various times. If silver can’t be manipulated at these levels, neither can Bitcoin.”
“Being able to have an option that reduces this fee substantially, and participation in the direct ownership of Bitcoin, will allow clients the proper exposure they desire,” he said.
Despite these ongoing challenges many investors are still optimistic that a spot bitcoin ETF approval will come mid to late 2022.
