Subject: File No. SR-NYSEArca-2021-90
From: Kyle Tilev
Affiliation:

May. 06, 2022

Hello,

I am writing to you as a GBTC shareholder in support of the conversion of the Grayscale Bitcoin Trust (OTCQX: GBTC) to an ETF.

I believe the SEC has been acting in a somewhat duplicitous manner by allowing futures-based Bitcoin products, while denying investors the ability to buy physically-settled Bitcoin products. The idea of “protecting investors” comes off to me like a joke. I should be able to invest it where I like. Furthermore, it’s not like the SEC has been able to “protect" investors from the myriad of hedge fund manipulation already rampant in the market. It’s an open secret at this point. Additionally, any cursory look into the crypto market will show that derivative-based products are perfect targets for such kinds of manipulation. Wether or not people realize it yet, Bitcoin is the only perfectly finite asset other than time, and it requires physical settlement in order to best perform its function as a digital store of value. Gold would be far more valuable in today’s markets had paper products not artificially pushed down the price of the asset. Please don’t let the same thing happen to Bitcoin.

I implore the SEC to allow GBTC to convert their trust to an ETF.

Regards from Colorado, with gratitude for the opportunity to express my view and with the hope that you allow investors the free deployment of their capital.

Best,

Kyle Tilev