As part of our filing to convert Grayscale Bitcoin Trust (Symbol: GBTC) to an ETF,* the SEC provides a 240-day review period for anyone to submit comments for consideration.

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Why your

submission matters

Why your submission matters

Level the playing field

To date, the SEC has only permitted Bitcoin Futures ETFs, while rejecting “physically-backed” or Spot Bitcoin ETFs.

The choice should be yours

If you’ve been waiting for the familiarity and protections of a Bitcoin ETF, we believe you should not be forced into a Futures-based product simply because it’s the only one that exists.

Help take GBTC to the next level, conversion to an ETF

It’s already the world’s largest Bitcoin fund and regularly reports to the SEC on a voluntary basis as an SEC-reporting company.

Investors deserve a Spot Bitcoin ETF – it’s time to make your voice heard.

How to submit

your comment

Submit your comment to the SEC via email: [email protected]
Ensure “File No. SR-NYSEArca-2021-90” is included in the subject line of your email
Write why you want GBTC to convert to an ETF in the body of the email
Visit the SEC page here if you’d like to see other submitted comments, or to view yours once it is posted.

What this could

mean for GBTC

If GBTC is approved to convert to an ETF by the SEC, a few key things would change:

It would uplist from OTCQX to the New York Stock Exchange

The ETF would more efficiently track the price of Bitcoin, effectively eliminating premiums and discounts

Grayscale would reduce management fees for GBTC

Timeline of key milestones

October 19, 2021

Grayscale simultaneously files
to convert GBTC to an ETF
November 29, 2021

Attorneys at Davis Polk submit a comment letter to the SEC on behalf of GBTC, presenting a new argument in favor of the Spot Bitcoin  ETF

December 2021

SEC Commissioner Hester Peirce speaks out echoing support for Spot Bitcoin ETFs:


“I can’t believe we’re still talking about this as if, you know, we’re waiting for one to happen,” Peirce said. “We’ve issued a series of denials even recently, and those continue to use reasoning that I think was outdated at the time.” 

April 18, 2022

Attorneys at Davis Polk submit an additional comment letter to the SEC on behalf of GBTC, presenting another new argument in favor of the Spot Bitcoin  ETF

June 14, 2022

In a speech, SEC Commissioner Hester M. Pierce declares her view that, “It is time for the Commission to stop denying categorically spot crypto exchange-traded products.”

June 21, 2022

An ETF offering inverse exposure to Bitcoin’s price starts trading on the NYSE.

June 29, 2022

Hear directly from the Grayscale Team

Sign up and join the Grayscale community

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All set! Thank you.

The SEC comment period for GBTC’s conversion to an ETF has concluded.

11,609 investors and organizations shared their views.


Click here for an analysis of their comments.

Click here to find out what’s next for GBTC.


We’re grateful for everyone who submitted comments in support.