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

May 26, 2022

Dear Ms. Countryman: 


Today, I write as a shareholder who is in favor of approving the Form 19b-4 that NYSE Arca filed with you to convert Grayscale Bitcoin Trust (OTCQX: GBTC) into a Bitcoin Spot ETF. 


Bitcoin Spot ETFs have been approved, and working without issue, in other countries. The fact that you have approved future based Bitcoin ETFs while denying spot based Bitcoin ETFs knowing full well the harm you are causing the very investors you are supposed to be protecting is absolutely disgusting. To that point, Grayscales attorneys at Davis Polk have filed a letter in the context of this comment letter period arguing that the approval of Bitcoin Futures ETFs but not Bitcoin Spot ETFs, like what GBTC would be, is "arbitrary and capricious," and therefore a potential violation of the Administrative Procedure Act. I strongly agree with this argument. 
The SEC should approve GBTC for conversion to an ETF and allow investors a choice over which product best meets their investment needs. To do otherwise would go against the SEC's core mission of protecting investors. 


Thank you for your time and consideration. 


Sincerely, 

Kyle Tircuit