Subject: File No. SR-NYSEArca-2021-90
From: Cindy and Stuart Michalk
Affiliation:

May. 11, 2022

Dear SEC, 
I’m writing to you as a GBTC shareholder, in support of the conversion of Grayscale Bitcoin Trust (GBTC) to an ETF structure. 
Futures-backed Bitcoin ETFs have been approved and I don’t see any reason to not approve spot Bitcoin ETFs. Investors use both vehicles to gain exposure to the same underlying asset, i.e. Bitcoin. I think investors should be able to choose what type of exposure they want to access, direct or futures-based. Both have their place in a portfolio.
Thank you for the opportunity to express my view on this subject. 
Sincerely, 
Stuart Michalk