Subject: File No. SR-NYSEArca-2021-90
From: John FitzGerald
Affiliation:

Feb. 22, 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 have followed statements from your agency and others in the US government that have concerns about protecting investors from risk.  In my view using a cash ETF as an investment vehicle is much safer that using crypto exchanges and self custodial wallets.  It also makes tax reporting easier.   There are a large number of bitcoin investors in the US, many of whom have used GBTC as an easy way to invest.  However due to its being a closed end fund, the discount and premium to NAV  have often gotten out of hand and made it harder to assess risk with GBTC.    If other countries such as Canada and the Fidelity bitcoin ETF in Europe can operate successfully, it seems it should be possible for one in the US.   I think volatility of GBTC will decrease once it becomes a spot ETF since the premium will no longer be there to exaggerate price movements.


Sincerely,
John FitzGerald