Notice2025-02495
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change To Update Certain Representations Relating to Shares of the iShares Bitcoin Trust To Allow for In-Kind Transfers of the Trust's Bitcoin
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 12, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 28 (Wednesday, February 12, 2025)</title>
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[Federal Register Volume 90, Number 28 (Wednesday, February 12, 2025)]
[Notices]
[Pages 9446-9450]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-02495]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102366; File No. SR-NASDAQ-2025-008]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing of Proposed Rule Change To Update Certain
Representations Relating to Shares of the iShares Bitcoin Trust To
Allow for In-Kind Transfers of the Trust's Bitcoin
February 6, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 24, 2025, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') a proposed rule change to update certain
representations relating to shares of the iShares Bitcoin Trust,
currently listed and traded on the Exchange under Nasdaq Rule 5711(d),
to allow for in-kind transfers of the trust's bitcoin. On February 4,
2025, the Exchange filed Amendment No. 1 to the proposed rule change,
which replaced and superseded the original filing in its entirety. The
proposed rule change, as modified by Amendment No 1, is described in
Items I and II below, which Items have been prepared by the Exchange.
The Commission is publishing this notice to solicit comments on the
proposed rule change, as modified by Amendment No. 1, from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to update certain representations made in the
proposed rule change previously filed with and approved by the
Commission relating to the shares of the iShares Bitcoin Trust (the
``Trust''), specifically to allow for ``in-kind'' transfers of the
Trust's bitcoin. Shares of Trust (``Shares'') are currently listed and
traded on the Exchange under Nasdaq Rule 5711(d). This Amendment No. 1
supersedes the original filing in its entirety.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings">https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings</a>, at the principal office of the Exchange, and at the
Commission's Public Reference Room.
[[Page 9447]]
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Commission approved the listing and trading of the Shares on
the Exchange pursuant to Nasdaq Rule 5711(d) \3\ on January 10,
2024.\4\ iShares Delaware Trust Sponsor LLC, a Delaware limited
liability company and an indirect subsidiary of BlackRock, Inc.
(``BlackRock''), is the sponsor of the Trust (the ``Sponsor''). The
Shares are registered with the SEC by means of the Trust's registration
statement on Form S-1 (the ``Registration Statement'').\5\
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\3\ Nasdaq Rule 5711(d) governs the listing and trading of
Commodity-Based Trust Shares, which means a security (1) that is
issued by a trust that holds (a) a specified commodity deposited
with the trust, or (b) a specified commodity and, in addition to
such specified commodity, cash; (2) that is issued by such trust in
a specified aggregate minimum number in return for a deposit of a
quantity of the underlying commodity and/or cash; and (3) that, when
aggregated in the same specified minimum number, may be redeemed at
a holder's request by such trust which will deliver to the redeeming
holder the quantity of the underlying commodity and/or cash. See
Nasdaq Rule 5711(d)(iv)(A).
\4\ See Securities Exchange Act Release No. 99306 (January 10,
2024), 89 FR 3008 (January 17, 2024) (SR-NYSEARCA-2021-90; SR-
NYSEARCA-2023-44; SR-NYSEARCA-2023-58; SR-NASDAQ-2023-016; SR-
NASDAQ-2023-019; SR-CboeBZX-2023-028; SR-CboeBZX-2023-038; SR-
CboeBZX-2023-040; SR-CboeBZX-2023-042; SR-CboeBZX-2023-044; SR-
CboeBZX-2023-072) (Order Granting Accelerated Approval of Proposed
Rule Changes, as Modified by Amendments Thereto, To List and Trade
Bitcoin-Based Commodity-Based Trust Shares and Trust Units)
(``Bitcoin ETP Approval'').
\5\ See Post-Effective Amendment No. 1 to Registration Statement
on Form S-1, dated April 4, 2024 filed with the Commission by the
Sponsor on behalf of the Trust. The descriptions of the Trust
contained herein are based, in part, on information in the
Registration Statement.
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Coinbase Custody Trust Company, LLC (the ``Bitcoin Custodian'') is
the custodian for the Trust's bitcoin holdings, and maintains a custody
account for the Trust (``Custody Account''); Coinbase, Inc. (the
``Prime Execution Agent''), an affiliate of the Bitcoin Custodian, is
the prime broker for the Trust and maintains a trading account for the
Trust (``Trading Account''); and Bank of New York Mellon is the
custodian for the Trust's cash holdings (the ``Cash Custodian'' and
together with the Bitcoin Custodian, the ``Custodians'') and the
administrator of the Trust (the ``Trust Administrator'').
The Exchange now proposes to amend representations regarding the
Trust's creation and redemption process as set forth in the previous
rule filing to list and trade Shares, specifically to allow for in-kind
transfers of the Trust's bitcoin.\6\ The proposed in-kind transfer
process will be an alternative to the Trust's current cash creation and
redemption process. In order to effectuate this change, the Exchange
proposes a number of changes to Amendment No. 1 in the manner described
below. Except for the changes described below, all other
representations in Amendment No. 1 remain unchanged and will continue
to constitute continued listing requirements. In addition, the Trust
will continue to comply with the terms of Amendment No. 1 and the
requirements in Rule 5711(d).
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\6\ See Securities Exchange Act Release No. 99295 (January 8,
2024), 89 FR 2321 (January 12, 2024) (SR-NASDAQ-2023-016) (Notice of
Filing of Amendment No. 1 to a Proposed Rule Change To List and
Trade Shares of the iShares Bitcoin Trust Under Nasdaq Rule 5711(d))
(``Amendment No. 1'').
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Proposal 1: Custody of the Trust's Bitcoin and Creation and Redemption
The Exchange proposes to amend the Amendment No. 1 section entitled
``Custody of the Trust's Bitcoin and Creation and Redemption'' to add
further detail on how the Trust will handle transfers of bitcoin in
connection with the proposed in-kind creation and redemption process,
and make certain conforming changes to the description of the cash
creation and redemption process. As proposed, the language in the
``Custody of the Trust's Bitcoin and Creation and Redemption'' section
from Amendment No. 1 will be deleted and replaced with the following
language.
An investment in the Shares is backed by bitcoin held by the
Bitcoin Custodian on behalf of the Trust. All of the Trust's bitcoin
will be held in the Custody Account, other than the Trust's bitcoin
which is temporarily maintained in the Trading Account under limited
circumstances, i.e., in connection with creation and redemption
Basket \7\ activity or sales of bitcoin deducted from the Trust's
holdings in payment of Trust expenses or the Sponsor's fee (or, in
extraordinary circumstances, upon liquidation of the Trust). The
Custody Account includes all of the Trust's bitcoin held at the
Bitcoin Custodian, but does not include the Trust's bitcoin
temporarily maintained at the Prime Execution Agent in the Trading
Account from time to time. The Bitcoin Custodian will keep all of
the private keys associated with the Trust's bitcoin held in the
Custody Account in ``cold storage.'' \8\ The hardware, software,
systems, and procedures of the Bitcoin Custodian may not be
available or cost-effective for many investors to access directly.
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\7\ The Trust issues and redeems Shares only in blocks of 40,000
or integral multiples thereof. A block of 40,000 Shares is called a
``Basket.'' These transactions take place in exchange for bitcoin.
\8\ The term ``cold storage'' refers to a safeguarding method by
which the private keys corresponding to the Trust's bitcoins are
generated and stored in an offline manner, subject to layers of
procedures designed to enhance security. Private keys are generated
by the Bitcoin Custodian in offline computers that are not connected
to the internet so that they are more resistant to being hacked.
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The Trust's bitcoin holdings and cash holdings from time to time
may temporarily be maintained in the Trading Account held with the
Prime Execution Agent, an affiliate of the Bitcoin Custodian.
Coinbase Inc. serves as the Trust's Prime Execution Agent pursuant
to the Trust's agreement with the Prime Execution Agent (``Prime
Execution Agent Agreement''). In this capacity, the Prime Execution
Agent facilitates (1) the buying and selling of bitcoin by the Trust
in response to cash creations and redemptions between the Trust and
registered broker-dealers that are Depositary Trust Company
(``DTC'') participants that enter into an authorized participant
agreement with the Sponsor and the Trustee (``Authorized
Participants''), (2) the transfer of bitcoin between the Trust and
an Authorized Participant, its designated agent or client as part of
in-kind creations and redemptions, and (3) the sale of bitcoin to
pay the Sponsor's fee, any other Trust expenses not assumed by the
Sponsor, to the extent applicable, and in extraordinary
circumstances, in connection with the liquidation of the Trust's
bitcoin.
The Authorized Participants will deliver cash or bitcoin to
create shares and will receive cash or bitcoin when redeeming
shares.
For a cash creation or redemption of a Basket of Shares, the
Authorized Participant will be required to submit the cash creation
or redemption order by an early order cutoff time (the ``Cash Order
Cutoff Time''). The Cash Order Cutoff Time will initially be 6:00
p.m. ET on the business day prior to trade date.
For an in-kind creation or redemption of a Basket of Shares, the
Authorized Participant will be required to submit the in-kind
creation or redemption order by an order cutoff (``In-Kind Order
Cutoff Time''). The In-Kind Order Cutoff Time will initially be 3:59
p.m. ET on the trade date.
Cash Creations
In connection with cash creations and cash redemptions, the
Authorized Participants will submit orders to create or redeem
Baskets of Shares exclusively in exchange for cash. The Trust will
engage in bitcoin transactions to convert cash into bitcoin (in
[[Page 9448]]
association with creation orders) and bitcoin into cash (in
association with redemption orders). The Trust will conduct its
bitcoin purchase and sale transactions by, in its sole discretion,
choosing to trade directly with designated third parties (each, a
``Bitcoin Trading Counterparty''), pursuant to written agreements
between each such Bitcoin Trading Counterparty and the Trust, or
choosing to trade through the Prime Execution Agent acting in an
agency capacity with third parties through its Coinbase Prime
service \9\ pursuant to the Prime Execution Agent Agreement. Bitcoin
Trading Counterparties settle trades with the Trust using their own
accounts at the Prime Execution Agent when trading with the Trust.
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\9\ The Coinbase Prime service is an execution service pursuant
to which Coinbase will execute bitcoin orders for the Trust by
accessing liquidity from sources such as bitcoin trading platforms,
which can include Coinbase's own platform, and other liquidity
providers. Trades can be executed according to an algorithm or on
the basis of firm quotes sought by requests-for-quote (``RFQ'') for
a two-way price sent to liquidity providers. Algorithmic trades can
be self-directed or executed by Coinbase's high touch execution
desk, Coinbase Execution Services.
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Following the Cash Order Cutoff Time for a creation order, the
Trust will choose, in its sole discretion, to enter into a
transaction with a Bitcoin Trading Counterparty or the Prime
Execution Agent to buy bitcoin in exchange for the cash proceeds
from such cash creation order. On settlement date for a cash
creation, the Trust delivers Shares to the Authorized Participant in
exchange for cash received from the Authorized Participant. Also, on
or around the settlement date, the Bitcoin Trading Counterparty or
Prime Execution Agent, as applicable, deposits the required bitcoin
pursuant to its trade with the Trust into the Trust's Trading
Account in exchange for cash. In the event the Trust has not been
able to successfully execute and complete settlement of a bitcoin
transaction by the settlement date of the cash creation order, the
Authorized Participant will be given the option to (1) cancel the
cash creation order, or (2) accept that the Trust will continue to
attempt to complete the execution, which will delay the settlement
date of the cash creation order. With respect to a cash creation
order, as between the Trust and the Authorized Participant, the
Authorized Participant is responsible for the dollar cost of the
difference between the bitcoin price utilized in calculating NAV per
Share on trade date and the price at which the Trust acquires the
bitcoin to the extent the price realized in buying the bitcoin is
higher than the bitcoin price utilized in the NAV. To the extent the
price realized in buying the bitcoin is lower than the price
utilized in the NAV, the Authorized Participant shall get to keep
the dollar impact of any such difference.
Because the Trust's Trading Account may not be funded with cash
on trade date for the purchase of bitcoin associated with a cash
creation order, the Trust may borrow trade credits (``Trade
Credits'') in the form of cash from Coinbase Credit, Inc. (the
``Trade Credit Lender''), an affiliate of the Prime Execution Agent,
under the trade financing agreement (``Trade Financing Agreement'')
or may require the Authorized Participant to deliver the required
cash for the cash creation order on trade date. The extension of
Trade Credits on trade date allows the Trust to purchase bitcoin
through the Prime Execution Agent on trade date, with such bitcoin
being deposited in the Trust's Trading Account. On settlement date
for a cash creation order, the Trust delivers Shares to the
Authorized Participant in exchange for cash received from the
Authorized Participant. To the extent Trade Credits were utilized,
the Trust uses the cash to repay the Trade Credits borrowed from the
Trade Credit Lender. On settlement date for a cash creation order,
the bitcoin purchased is swept from the Trust's Trading Account to
the Trust's Custody Account pursuant to a regular end-of-day sweep
process.
In-Kind Creations
In connection with in-kind creations, the Authorized
Participants will submit orders by the In-Kind Order Cutoff Time to
create Baskets of Shares in exchange for bitcoin.
On settlement date for an in-kind creation, the Trust delivers
Shares to the Authorized Participant in exchange for bitcoin
received from the Authorized Participant, or its designated agent or
client. The Authorized Participant or its designated agent or client
will deposit such bitcoin to the Trust's Trading Account at the
Prime Execution Agent. In the event the Authorized Participant, its
designated agent or client, has not deposited the bitcoin to the
Trust's Trading Account at the Prime Execution Agent by the
applicable time on the settlement date of the in-kind creation
order, the Authorized Participant will be given the option to (1)
cancel the in-kind creation order, (2) delay settlement of the order
to enable delivery of bitcoin at a later date, or (3) accept that
the Trust will execute a bitcoin transaction required for the
creation and the Authorized Participant will deliver the U.S.
dollars required for this purchase. In the case of (3) only, the
Authorized Participant is responsible for the dollar cost of the
difference between the bitcoin price utilized in calculating NAV per
Share on trade date and the price at which the Trust acquires the
bitcoin to the extent the price realized in buying the bitcoin is
higher than the bitcoin price utilized in the NAV. To the extent the
price realized in buying the bitcoin is lower than the price
utilized in the NAV, the Authorized Participant shall get to keep
the dollar impact of any such difference.
Cash Redemption
Following the Cash Order Cutoff Time for a cash redemption
order, the Trust may choose, in its sole discretion, to enter into a
transaction with a Bitcoin Trading Counterparty or the Prime
Execution Agent, to sell bitcoin in exchange for cash. After the
Cash Order Cutoff Time, the Trust instructs the Bitcoin Custodian to
prepare to move the associated bitcoin from the Trust's Custody
Account to the Trust's Trading Account. On settlement date for a
redemption order, the Authorized Participant delivers the necessary
Shares to the Trust, and on or around settlement date, a Bitcoin
Trading Counterparty or Prime Execution Agent, as applicable,
delivers the cash associated with the Trust's sale of bitcoin to the
Trust in exchange for the Trust's bitcoin, and the Trust delivers
cash to the Authorized Participant. In the event the Trust has not
been able to successfully execute and complete settlement of a
bitcoin transaction by the settlement date, the Authorized
Participant will be given the option to (1) cancel the redemption
order, or (2) accept that the Trust will continue to attempt to
complete the execution, which will delay the settlement date. With
respect to a cash redemption order, between the Trust and the
Authorized Participant, the Authorized Participant will be
responsible for the dollar cost of the difference between the
bitcoin price utilized in calculating the NAV per Share on trade
date and the price realized in selling the bitcoin to raise the cash
needed for the cash redemption order to the extent the price
realized in selling the bitcoin is lower than the bitcoin price
utilized in the NAV. To the extent the price realized in selling the
bitcoin is higher than the price utilized in the NAV, the Authorized
Participant will get to keep the dollar impact of any such
difference.
The Trust may use financing in connection with a cash redemption
order when bitcoin remains in the Trust's Custody Account at the
point of intended execution of a sale of bitcoin. In those
circumstances, the Trust may borrow Trade Credits in the form of
bitcoin from the Trade Credit Lender, which allows the Trust to sell
bitcoin through the Prime Execution Agent on trade date, and the
cash proceeds are deposited in the Trust's Trading Account. On
settlement date for a redemption order, the Trust delivers cash to
the Authorized Participant in exchange for Shares received from the
Authorized Participant. In the event financing was used, the Trust
will use the bitcoin moved from the Trust's Custody Account to the
Trading Account to repay the Trade Credits borrowed from the Trade
Credit Lender.
In-Kind Redemptions
In connection with in-kind redemptions, the Authorized
Participants will submit orders by the In-Kind Order Cutoff Time to
redeem Baskets of Shares in exchange for bitcoin.
On settlement date for an in-kind redemption, the Trust delivers
bitcoin to the account of the Authorized Participant or its
designated agent or client at the Prime Execution Agent in exchange
for Shares received from the Authorized Participant.
Proposal 2: Creation and Redemption of Shares
The Exchange also proposes to modify the Amendment No. 1 section
``Creation and Redemption of Shares'' to integrate the proposed in-kind
creation and redemption process. Specifically, Amendment No. 1
currently states that Baskets are only issued or redeemed in exchange
for an amount of cash determined by the Trustee on each day that Nasdaq
is open for regular trading.
[[Page 9449]]
No Shares are issued unless the Cash Custodian has allocated to the
Trust's account the corresponding amount of cash. The amount of cash
necessary for the creation of a Basket, or to be received upon
redemption of a Basket, will decrease over the life of the Trust, due
to the payment or accrual of fees and other expenses or liabilities
payable by the Trust.
The Exchange now proposes to delete the above language from
Amendment No. 1, and replace it with the following: Baskets are only
issued or redeemed in exchange for an amount of bitcoin and/or cash
determined by the Trustee on each day that Nasdaq is open for regular
trading. No Shares are issued unless the Cash Custodian has allocated
to the Trust's account the corresponding amount of cash or the Prime
Execution Agent has allocated to the Trust's account the corresponding
amount of bitcoin.\10\ The amount of bitcoin or cash necessary for the
creation of a Basket, or to be received upon redemption of a Basket,
will decrease over the life of the Trust, due to the payment or accrual
of fees and other expenses or liabilities payable by the Trust.
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\10\ The amount of cash or bitcoin is based on the NAV of the
Trust on the trade date.
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\11\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\12\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that permitting in-kind transfers with
respect to the Trust's creation and redemption process promotes just
and equitable principles of trade and helps remove impediments to and
perfect the mechanism of a free and open market and a national market
system. As discussed above, the proposed changes would permit the Trust
to utilize an in-kind creation and redemption process in addition to
the cash creation and redemption process. This added ability would make
the Trust (and the market more generally) operate more efficiently
because Authorized Participants, their designated agents or clients,
would be able to source bitcoin rather than to provide cash to the
Trust and/or receive bitcoin from the Trust. This means that the
Authorized Participant, its designated agent or client, would be
responsible for buying and selling the bitcoin rather than the Trust
itself, which would potentially lessen the impact on the market of the
Trust on both sides of the transaction by allowing the Authorized
Participant to decide how and where to source the underlying bitcoin
for creations and deciding how, where, and whether to sell the
underlying bitcoin for redemptions. This could lead to improvements in
the creation and redemption process for both Authorized Participants
and the Trust, and could potentially increase efficiency, and
ultimately benefit the end investors in the Trust.
Except for the changes described above, all other representations
in Amendment No. 1 remain unchanged and will continue to constitute
continued listing requirements. In addition, the Trust will continue to
comply with the terms of Amendment No. 1 and the requirements in Rule
5711(d).
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. As discussed above, the
proposed amendments are intended to reflect changes to the Trust's
creation and redemption process, specifically to allow for in-kind
transfers. As discussed above, the Exchange believes that the proposed
rule change would increase operational efficiencies for the Trust (and
the market more generally). The Exchange believes these changes will
not impose any burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission shall: (a) by order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change, as modified by Amendment No. 1, is consistent with the Act.
Comments may be submitted by any of the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#0173746d642c626e6c6c646f7572417264622f666e77"><span class="__cf_email__" data-cfemail="a5d7d0c9c088c6cac8c8c0cbd1d6e5d6c0c68bc2cad3">[email protected]</span></a>. Please include
file number SR-NASDAQ-2025-008 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-NASDAQ-2025-008. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-NASDAQ-2025-008 and should
be submitted on or before March 5, 2025.
[[Page 9450]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-02495 Filed 2-11-25; 8:45 am]
BILLING CODE 8011-01-P
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.