Subject: File No. SR-NYSEArca-2021-90
From: Philip Hong
Affiliation:

May. 17, 2022

Please approve Grayscale's request to convert GBTC into a bitcoin ETF. 


Your approval helps protect retail investors' interest by allowing GBTC to track bitcoin price more accurately. There is currently a more than 30% discount in GBTC which hurts all GBTC holders. 


Thank you. 
Philip Hong