Subject: File No. SR-NYSEArca-2021-90
From: Mike Fay
Affiliation:

Feb. 25, 2022



Hello SEC,

This is really simple. GBTC should be granted conversion to a spot ETF.
The market needs a true spot ETF. Futures can be a difficult vehicle for
investors to understand. If it's okay for less sophisticated investors
to have exposure to futures, it should be okay for them to have exposure
to spot as well. Many people, as I'm sure you're aware, are buying
Bitcoin directly through exchanges. They know what they're buying when
they buy spot. They may not understand what they're buying when they buy
futures.

If American adults can buy lottery tickets, they should be able to
invest in a spot Bitcoin ETF.

Do the right thing. Don't hold up this process any longer.

-Mike Fay