Subject: File No. SR-NYSEArca-2021-90
From: Paul Erickson
Affiliation:

May. 18, 2022

SEC,

I write to you as a GBTC shareholder, in support of the conversion of
Grayscale Bitcoin Trust (OTCQX: GBTC)  to an ETF. I recognize the need
for investor protection, but on the other hand a ETF form for investing
(or speculating) is a preferred method. I am not a expert in security
regulation so i acknowledge the potential need for regulation, but I
would expect that reasonable protections should be well understood. As a
new product based on a volatile instrument, it is most likely that
whatever regulatory mechanism that is put into place at whatever time
will likely not perfectly protect and will likely needed in place
modification. However, by not proceeding, the availability of the
investment category is not available and the ability to fully learn what
is needed is absent.

By not approving this conversion, you are not helping me, the investor.

Last October, you approved futures-backed Bitcoin ETFs, but continue to
reject applications for spot Bitcoin ETFs. We, as investors, should be
able to choose direct exposure.

I’m writing from Illinois, with gratitude for the opportunity to express
my view and with the hope that you will approve this conversion and
protect the interest of investors.

Sincerely,
Paul Erickson