May. 04, 2022
05/08/2022 Re: File No. SR-NYSEArca-2021-90 Rel No. 34-93504 Notice of Filing of Proposed Rule Change to List and Trade Shares of Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E (November 2, 2021) Ms. Vanessa Countryman: Today, I write as a shareholder who is in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust (OTCQX: GBTC) into a Bitcoin Spot ETF. GBTC is currently trading at a discount to its NAV, which means that the price of GBTC is is less than the physical asset, Bitcoin. One of the benefits of converting GBtC to an ETF is it would allow for simultaneous creations and redemptions, a core feature of the ETF wrapper. This would cause shares trading at a discount to better reflect NAV, and thus protect the hundreds of thousands of investors currently holding GBTC. The SEC should approve GBTC for conversion to an ETF and allow investors a choice over which product best meets their investment needs. To do otherwise would go against the SEC's core mission of protecting investors. Thank you for your time and consideration. Sincerely -Erling