Subject: File No. SR-NYSEArca-2021-90
From: Matthew Carson
Affiliation:

Apr. 22, 2022

 


Dear SEC, 


I would like to invest in Bitcoin, but I would like the security that comes from holding this in a fund through a registered brokerage account. If I purchase bitcoin separately, I have to be concerned about private keys, wallets, and such. I would trust Grayscale to manage this much more securely than I can. 


I currently own GBTC, but have been losing money due to the discount to NAV. I do not wish to own futures-backed funds. Last October, you approved futures-backed Bitcoin ETFs, but continue to reject applications for spot Bitcoin ETFs. Given that investors use both vehicles to gain exposure to the same underlying asset, Bitcoin—from which both vehicles derive their prices—we, as investors, should be able to choose if we’d like direct or futures-based exposure to that asset. 
I’m writing from North Carolina, 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. 


Thanks, 
-Matt