Subject: File No. SR-NYSEArca-2021-90
From: Nate Kaftari

February 18, 2022

I am an individual investor that holds GBTC in my IRA.

I do not understand why The BTC Spot ETF GBTC is not approved. How can a futures ETF based on BTC be approved but not a spot ETF based on the underlying asset? The approval will be great for investors as this will bridge the discount in NAV