Subject: File No. SR-NYSEArca-2021-90
From: William Perez
Affiliation: William Perez

February 12, 2022

Dear SEC,
My understanding is that it is your mandate to protect investors. There are two areas where I am not being protected:

1. Right now my shares of GBTC are trading at a substantial discount to book value due to the fact that GBTC is not a spot ETF. ETF status will close the discount and keep the price closer to NAV.

2. I want to have direct ownership of Bitcoin via a spot ETF because I don't want to have full ownership rights and benefits take possession of the underlying asset. I don't want to buy gold coins that can be stolen - I want GLD ETF. I don't want to have to safeguard Bitcoin keys and worry about it being lost or stolen. Grayscale
Bitcoin spot ETF gives me safe ownership.

3. GBTC is not SEC-registered and it trades on OTC. I would feel more protected if we had GBTC as an SEC-registered Spot ETF.

It is clearly in the best interest of the public for you to allow GBTC to be a spot ETF.

Thank you for your consideration.