Subject: File No. SR-NYSEArca-2021-90
From: Anil Kumar
Affiliation:

May. 10, 2022

Dear SEC - Please approve conversion of GBTC into an ETF. 



WHAT CONVERSION COULD MEAN FOR GBTC 
The ETF would more effectively track the price of Bitcoin, effectively eliminating discounts and premiums If GBTC shares are trading at a discount to NAV, all else being equal, they will increase in value upon conversion If GBTC shares are trading at a premium to NAV, all else being equal, they will decrease in value upon conversion Grayscale has committed to reducing management fees for GBTC 




Thanks, 
Anil Kumar