Mar. 15, 2022
March 15, 2022 Re: File No. SR-NYSEArca-2021-90 Dear SEC, I'm writing in support of Grayscale's application to convert the GBTC Trust to an ETF. GBTC is the largest and most liquid Bitcoin investment fund/trust in the world, and has been available on the OTC markets since 2015. Unfortunately, as a trust, its price does not precisely track its underlying asset. Converting it to an ETF would be more appropriate for all investors as there would no longer be any premiums or discounts that investors in trusts such as GBTC are negatively affected by. The SEC has already approved an ETF based on Bitcoin futures. As an investor, I should not be forced into a futures-based BTC ETF because that's my only choice. In choosing a futures product over the spot market and essentially approving contango-based losses, the SEC may be doing more harm to small investors (like myself) that it is supposed to protect.Thank you for your consideration of my request to convert the GBTC trust to an ETF, and the best interests of US investors. Regards, D.G.