Notice2025-02618
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 2, To Amend the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF in Order To Permit In-Kind Creations and Redemptions
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 14, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 30 (Friday, February 14, 2025)</title>
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[Federal Register Volume 90, Number 30 (Friday, February 14, 2025)]
[Notices]
[Pages 9648-9652]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-02618]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102381; File No. SR-CboeBZX-2025-010]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing of a Proposed Rule Change, as Modified by Amendment No. 2, To
Amend the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF
in Order To Permit In-Kind Creations and Redemptions
February 10, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on January 27, 2025, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``Commission'') a proposed rule change to amend the ARK 21 Shares
Bitcoin ETF and the 21 Shares Core Ethereum ETF, currently listed and
traded on the Exchange under Exchange Rule 14.11(e)(4), in order to
permit in-kind creations and redemptions. On February 5, 2025, the
Exchange filed Amendment No. 1 to the proposed rule change, which
replaced and superseded the original filing in its entirety. On
February 7, 2025, the Exchange filed Amendment No. 2 to the proposed
rule change, which replaced and superseded the proposed rule change, as
modified by Amendment No. 1, in its entirety. The proposed rule change,
as modified by Amendment No. 2, is described in Items I, II, and III
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. 2, 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
Cboe BZX Exchange, Inc. (``BZX'' or the ``Exchange'') is filing
with the Securities and Exchange Commission (``Commission'' or ``SEC'')
a proposed rule change to amend the ARK 21Shares Bitcoin ETF (the
``Bitcoin Trust'') and the 21Shares Core Ethereum ETF (the ``ETH
Trust'' and, collectively with the Bitcoin Trust, the ``Trusts'').
The text of the proposed rule change is also available on the
Exchange's website (<a href="http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/">http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/</a>), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.
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
This Amendment No. 2 to SR-CboeBZX-2025-010 amends and replaces in
its entirety the proposal as originally submitted on January 27, 2025,
and as amended by Amendment No. 1 on February 5, 2025. The Exchange
submits this Amendment No. 2 in order to clarify certain points and add
additional details to the proposal.
The Commission approved the listing and trading of shares (the
``Bitcoin ETP Shares'') of the Bitcoin Trust on the Exchange pursuant
to Exchange Rule 14.11(e)(4), Commodity-Based Trust Shares, on January
10, 2024.\3\ The
[[Page 9649]]
Commission also approved the listing and trading of shares (the ``ETH
ETP Shares'') of the ETH Trust on the Exchange pursuant to Exchange
Rule 14.11(e)(4), Commodity-Based Trust Shares, on May 23, 2024.\4\
Exchange Rule 14.11(e)(4) governs the listing and trading of Commodity-
Based Trust Shares, which means a security (a) that is issued by a
trust that holds (1) a specified commodity deposited with the trust, or
(2) a specified commodity and, in addition to such specified commodity,
cash; (b) 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 (c) 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. The Bitcoin ETP Shares are issued by
the Bitcoin Trust and the ETH ETP Shares are issued by the ETH Trust.
The Bitcoin Trust was formed as a Delaware statutory trust on June 22,
2021 and the ETH Trust was formed as a Delaware statutory trust on
September 5, 2023.
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\3\ See Securities Exchange Act Release Nos. 99288 (January 8,
2024) 89 FR 2387 (January 12, 2024) (SR-CboeBZX-2023-028) (Notice of
Filing of Amendment No. 5 to a Proposed Rule Change To List and
Trade Shares of the ARK 21Shares Bitcoin ETF Under BZX Rule
14.11(e)(4), Commodity-Based Trust Shares) (``Bitcoin ETP Amendment
No. 5''); 99306 (January 10, 2024) 89 FR 3008 (January 17, 2024)
(SR-CboeBZX-2023-028) (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) (the ``Bitcoin ETP Approval Order''). On September 12, 2024,
the Exchange amended the Bitcoin ETP Amendment No. 5 to add two new
custodians to the Bitcoin Trust. See Securities Exchange Act Release
No. 101080 (September 18, 2024) 89 FR 77910 (September 24, 2024)
(Notice of Filing and Immediate Effectiveness of a Proposed Rule
Change To Amend the ARK 21Shares Bitcoin ETF and the 21Shares Core
Ethereum ETF To Add Two New Custodians to Each Trust) (the
``Custodian Amendment'').
\4\ See Securities Exchange Act Release Nos. 100216 (May 22,
2024) 89 FR 46514 (May 29, 2024) (SR-CboeBZX-2023-070) (Notice of
Filing of Amendment No. 2 to a Proposed Rule Change to List and
Trade Shares of the ARK 21Shares Ethereum ETF Under BZX Rule
14.11(e)(4), Commodity-Based Trust Shares) (``Eth ETP Amendment No.
2''); 100224 (May 23, 2024) 89 FR 46937 (May 30, 2024) (SR-CboeBZX-
2023-070) (Order Granting Accelerated Approval of Proposed Rule
Changes, as Modified by Amendments Thereto, to List and Trade Shares
of Ether-Based Exchange-Traded Products) (the ``ETH ETP Approval
Order''). The ETH Trust was originally named the ARK 21Shares
Ethereum ETF, as reflected in the ETH ETP Approval Order. However,
the Exchange later submitted an amendment, in part, to rename the
ETH Trust to the 21Shares Core Ethereum ETF. See Securities Exchange
Act Release No. 100306 (June 10, 2024) 89 FR 50656 (June 14, 2024)
(SR-CboeBZX-2024-050) (Notice of Filing and Immediate Effectiveness
of a Proposed Rule Change To Amend the ARK 21Shares Ethereum ETF To
Amend the Trust Name and Reflect That the Trust Will No Longer Have
a Sub-Adviser) (the ``Trust Name and Sub-Adviser Amendment''). The
Custodian Amendment also added two new custodians to the Eth Trust
in addition to the Bitcoin Trust.
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Bitcoin Trust
The Exchange proposes to amend several portions of the Bitcoin ETP
Amendment No. 5, as amended by the Custodian Amendment, in order to
permit in-kind creations and redemptions.
Representations
The Bitcoin ETP Amendment No. 5 included specific representations
making clear that the Bitcoin Trust would only process creations and
redemptions in cash. Specifically, Bitcoin ETP Amendment No. 5 stated:
``The Trust will process all creations and redemptions in cash
transactions with authorized participants.'' \5\
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\5\ See Bitcoin ETP Amendment No. 5 at 2407.
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The Exchange proposes to replace this representation to state:
``The Trust will process all creations and redemptions in cash or in-
kind transactions with authorized participants.''
The Bitcoin ETP Amendment No. 5 also stated:
When the Trust creates or redeems its Shares, it will do so in
cash transactions in blocks of 5,000 Shares (a ``Creation Basket'')
at the Trust's net asset value (``NAV''). Authorized participants
will deliver, or facilitate the delivery of, cash to the Trust's
account with the Cash Custodian, in exchange for Shares when they
create Shares, and the Trust, through the Cash Custodian, will
deliver cash to such authorized participants when they redeem Shares
with the Trust. Authorized participants may then offer Shares to the
public at prices that depend on various factors, including the
supply and demand for Shares, the value of the Trust's assets, and
market conditions at the time of a transaction.\6\
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\6\ See Bitcoin ETP Amendment No. 5 at 2406.
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The Exchange proposes to replace the above paragraph as follows:
When the Trust creates or redeems its Shares, it will do so in
cash transactions or in-kind transactions in blocks of 5,000 Shares
(a ``Creation Basket'') at the Trust's net asset value (``NAV'').
For cash creations and redemptions, authorized participants will
deliver, or facilitate the delivery of, cash to the Trust's account
with the Cash Custodian, in exchange for Shares when they create
Shares, and the Trust, through the Cash Custodian, will deliver cash
to such authorized participants when they redeem Shares with the
Trust. For in-kind creation and redemptions, authorized participants
will deliver, or facilitate delivery of, bitcoin to the Trust's
account with the Custodian, in exchange for Shares when they create
Shares, and the Trust, through the Custodian, will deliver bitcoin
to such authorized participants when they redeem Shares with the
Trust. Authorized participants may then offer Shares to the public
at prices that depend on various factors, including the supply and
demand for Shares, the value of the Trust's assets, and market
conditions at the time of a transaction.
Creation and Redemption of Shares
The Bitcoin ETP Amendment No. 5 included the ``Creation and
Redemption of Shares'' section.\7\ The Exchange proposes to replace
this section as follows:
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\7\ See Bitcoin ETP Amendment No. 5 at 2408-2409.
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Creation and Redemption of Shares
When the Trust creates or redeems its Shares, it will do so in
cash or in-kind. In connection with cash creations and cash
redemptions, the authorized participants will submit orders to
create or redeem Baskets of Shares in exchange for cash. When the
Trust creates or redeems its Shares in cash, it will do so in
transactions in blocks of 5,000 Shares that are based on the
quantity of bitcoin attributable to each Share of the Trust (e.g., a
Creation Basket) at the Trust's NAV. When the Trust creates or
redeems its Shares in-kind, it will do so in transfers of bitcoin in
blocks of 5,000 Shares that are based on the quantity of bitcoin
attributable to the Creation Basket being created or redeemed.
The authorized participants will deliver cash or bitcoin to
create Shares and will receive cash or bitcoin when redeeming
Shares. The Trust will create Shares by receiving bitcoin or cash
from an authorized participant and will redeem Shares by delivering
bitcoin or cash to an authorized participant.
On any business day, an authorized participant may place an
order to create one or more Creation Baskets. Purchase orders must
be placed by 12:00 p.m. Eastern Time, the close of regular trading
on the Exchange, or another time determined by the Sponsor.\8\ The
day on which an order is received is considered the purchase order
date.\9\
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\8\ The time requirement for purchase orders will be publicized
by the Sponsor.
\9\ The order date is the trade date.
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For a cash creation order, the total deposit of cash required is
based on the combined NAV of the number of Shares included in the
Creation Baskets being created determined as of 4:00 p.m. ET on the
date the order to purchase is properly received.
For a creation order in-kind, the total in-kind transfer of
bitcoin is based on the quantity of bitcoin attributable to the
Creation Baskets being created determined as promptly as practicable
after 4:00 p.m. ET on the date the order to purchase is properly
received.
The Administrator determines the quantity of bitcoin associated
with a Creation Basket for a given day by dividing the number of
bitcoin held by the Trust as of the opening of business on that
business day, adjusted for the amount of bitcoin constituting
estimated accrued but unpaid fees and expenses of the Trust as of
the opening of business on that business day, by the quotient of the
number of Shares outstanding at the opening of business divided by
the number of Shares in a Creation Basket.
The procedures by which an authorized participant can redeem one
or more Creation Baskets mirror the procedures for the creation of
Creation Baskets. For a cash creation order, an authorized
participant will deliver cash to create Shares. For an in-kind
creation order, an authorized participant will deliver bitcoin to
create Shares. For a cash redemption order, an authorized
participant will deliver Shares to the Trust and will receive cash
for the Shares delivered. For an
[[Page 9650]]
in-kind redemption order, an authorized participant will deliver
Shares to the Trust and will receive bitcoin for the Shares
delivered.
Trust's Transfer Agent Will Instruct Disposition of Trust's Bitcoin
The Bitcoin ETP Amendment No. 5 subsection entitled ``Trust's
Transfer Agent Will Instruct Disposition of Trust's Bitcoin'' includes
the following:
In such cases, a third party will use cash to buy and deliver
bitcoin to create Shares or withdraw and sell bitcoin for cash to
redeem Shares, on behalf of the Trust. Authorized participants will
deliver cash to the Trust's account with the Cash Custodian in
exchange for Shares of the Trust, and the Trust, through the Cash
Custodian, will deliver cash to authorized participants when those
authorized participants redeem Shares of the Trust.\10\
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\10\ See Bitcoin ETP Amendment No. 5 at 2407.
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The Exchange proposes to replace the above with the following:
For a cash creation order, an authorized participant will
deliver cash to create Shares. For an in-kind creation order, an
authorized participant will deliver bitcoin to create Shares. For a
cash redemption order, an authorized participant will deliver Shares
to the Trust and will receive cash for the Shares delivered. For an
in-kind redemption order, an authorized participant will deliver
Shares to the Trust and will receive bitcoin for the Shares
delivered.
ETH Trust
Similarly, the Exchange proposes to amend several portions of Eth
ETP Amendment No. 2, as amended by the Custodian Amendment and the
Trust Name and Sub-Adviser Amendment, in order to permit in-kind
creations and redemptions.
Representations
First, Eth ETP Amendment No. 2 included specific representations
making clear that the Bitcoin Trust would only process creations and
redemptions in cash. Specifically, Eth ETP Amendment No. 2 stated:
When the Trust creates or redeems its Shares, it will do so in
cash transactions in blocks of 10,000 Shares (a ``Creation Basket'')
at the Trust's net asset value (``NAV''). Authorized participants
will deliver, or facilitate the delivery of, cash to the Trust's
account with the Cash Custodian in exchange for Shares when they
create Shares, and the Trust, through the Cash Custodian, will
deliver cash to such authorized participants when they redeem Shares
with the Trust.\11\
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\11\ See Eth ETP Amendment No. 2 at 46520.
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The Exchange proposes to replace the above as follows:
When the Trust creates or redeems its Shares in cash
transactions, it will do so in blocks of 10,000 Shares (a ``Creation
Basket'') at the Trust's net asset value (``NAV''). Authorized
participants will deliver, or facilitate the delivery of, cash to
the Trust's account with the Cash Custodian in exchange for Shares
when they create Shares, and the Trust, through the Cash Custodian,
will deliver cash to such authorized participants when they redeem
Shares with the Trust. When the Trust creates or redeems its Shares
in-kind, it will do so in Creation Units in exchange for ether.
Authorized participants will deliver, or facilitate delivery of,
ether to the Trust's account with the Custodian, in exchange for
Shares when they create Shares, and the Trust, through the
Custodian, will deliver ether to such authorized participants when
they redeem Shares with the Trust.
Eth ETP Amendment No. 2 also states: ``The Trust will process all
creations and redemptions in cash transactions with authorized
participants.'' \12\ The Exchange proposes to replace this
representation to state that the ``Trust will process all creations and
redemptions in cash or in-kind transactions with authorized
participants.''
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\12\ See ETH ETP Amendment No. 2 at 46521.
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Creation and Redemption of Shares
The Eth ETP Amendment No. 2 includes the ``Creation and Redemption
of Shares'' section.\13\ The Exchange proposes to replace this section
as follows:
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\13\ See ETH ETP Amendment No. 2 at 46522-46523.
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Creation and Redemption of Shares
When the Trust creates or redeems its Shares, it will do so in
cash or in-kind. In connection with cash creations and cash
redemptions, the authorized participants will submit orders to
create or redeem Baskets of Shares in exchange for cash. When the
Trust creates or redeems its Shares in cash, it will do so in
transactions in blocks of 10,000 Shares that are based on the
quantity of ether attributable to each Share of the Trust (e.g., a
Creation Basket) at the Trust's NAV. When the Trust creates or
redeems its Shares in-kind, it will do so in transfers of ether in
blocks of 10,000 Shares that are based on the quantity of ether
attributable to the Creation Basket being created or redeemed.
The authorized participants will deliver cash or ether to create
Shares and will receive cash or ether when redeeming Shares. The
Trust will create Shares by receiving ether or cash from an
authorized participant and will redeem Shares by delivering ether or
cash to an authorized participant.
On any business day, an authorized participant may place an
order to create one or more Creation Baskets. Purchase orders must
be placed by 12:00 p.m. Eastern Time, the close of regular trading
on the Exchange, or another time determined by the Sponsor.\14\ The
day on which an order is received is considered the purchase order
date.\15\
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\14\ The time requirement for purchase orders will be publicized
by the Sponsor.
\15\ The order date is the trade date.
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For a cash creation, the total deposit of cash required is based
on the combined NAV of the number of Shares included in the Creation
Baskets being created determined as of 4:00 p.m. ET on the date the
order to purchase is properly received.
For a creation order in-kind, the total in-kind transfer of
ether is based on the quantity of ether attributable to the Creation
Baskets being created determined as promptly as practicable after
4:00 p.m. ET on the date the order to purchase is properly received.
The Administrator determines the quantity of ether associated
with a Creation Basket for a given day by dividing the number of
ether held by the Trust as of the opening of business on that
business day, adjusted for the amount of ether constituting
estimated accrued but unpaid fees and expenses of the Trust as of
the opening of business on that business day, by the quotient of the
number of Shares outstanding at the opening of business divided by
the number of Shares in a Creation Basket.
The procedures by which an authorized participant can redeem one
or more Creation Baskets mirror the procedures for the creation of
Creation Baskets. For a cash creation order, an authorized
participant will deliver cash to create Shares. For an in-kind
creation order, an authorized participant will deliver ether to
create Shares. For a cash redemption order, an authorized
participant will deliver Shares to the Trust and will receive cash
for the Shares delivered. For an in-kind redemption order, an
authorized participant will deliver Shares to the Trust and will
receive ether for the Shares delivered.
Trust's Transfer Agent Will Instruct Disposition of Trust's Ether
The Eth ETP Amendment No. 2 subsection entitled ``Trust's Transfer
Agent Will Instruct Disposition of Trust's Ether'' includes the
following:
In such cases, a third party will use cash to buy and deliver
ether to create Shares or withdraw and sell ether for cash to redeem
Shares, on behalf of the Trust. Authorized participants will deliver
cash to the Trust's account with the Cash Custodian in exchange for
Shares of the Trust, and the Trust, through the Cash Custodian, will
deliver cash to authorized participants when those authorized
participants redeem Shares of the Trust.\16\
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\16\ See Eth ETP Amendment No. 2 at 46520.
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The Exchange proposes to replace the above with the following:
For a cash creation order, an authorized participant will
deliver cash to create Shares. For an in-kind creation order, an
authorized participant will deliver ether to create Shares. For a
cash redemption order, an authorized participant will deliver Shares
to the Trust and will receive cash for the Shares delivered. For an
in-kind redemption order, an authorized participant will deliver
Shares to the Trust and will receive ether for the Shares delivered.
[[Page 9651]]
Conclusion
Except for the above changes, all other representations in the
Bitcoin ETP Amendment No. 5, as amended by the Custodian Amendment, and
ETH ETP Amendment No. 2, as amended by the Custodian Amendment and the
Trust Name and Sub-Adviser Amendment, remain unchanged and will
continue to constitute continuing listing requirements. In addition,
the Bitcoin Trust will continue to comply with the terms of Bitcoin ETP
Amendment No. 5, as amended, and the ETH Trust will continue to comply
with the terms of ETH ETP Amendment No. 2, as amended, and the Trusts
will continue to comply with the requirements of Rule 14.11(e)(4).
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\17\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \18\ requirements that the rules
of an exchange be designed to prevent fraudulent and manipulative acts
and practices, to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, 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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\17\ 15 U.S.C. 78f(b).
\18\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed rule change is designed to
remove impediments to and perfect the mechanism of a free and open
market and, in general, to protect investors and the public interest
because it would update representations in both the Bitcoin ETP
Amendment No. 5, as amended, and the ETH ETP Amendment No. 2, as
amended, such that the Trusts would both be able to engage in in-kind
creations and redemptions with authorized participants, as described
above. This ability would make the Trusts (and the market more
generally) operate more efficiently because authorized participants
would be able to source bitcoin or ether, as applicable, rather than to
provide cash to the applicable Trust and to receive bitcoin or ether
directly from the Trusts. This means that the authorized participant
would be responsible for buying and selling the applicable crypto asset
rather than the Trust itself, which would potentially lessen the impact
on the market of the Trusts on both sides of the transaction by
allowing the authorized participant to decide how and where to source
the underlying crypto asset for creations and deciding how, where, and
whether to sell the underlying crypto asset received for redemptions.
This would improve the creation and redemption process for both
authorized participants and the Trusts, increase efficiency, and
ultimately benefit the end investors in the Trusts.
Except for the addition of in-kind creation and redemption for the
Bitcoin Trust as specifically set forth herein, all other
representations made in the Bitcoin ETP Amendment No. 5, as amended,
remain unchanged, and will continue to constitute continuing listing
requirements for the Bitcoin Trust. Similarly, except for the addition
of in-kind creation and redemption for the ETH Trust as specifically
set forth herein, all other representations made in the ETH ETP
Amendment No. 2, as amended, remain unchanged, and will continue to
constitute continuing listing requirements for the ETH Trust.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act. As noted above, the proposed
amendment is intended to allow the Trusts to operate more efficiently
by allowing for in-kind creation and redemption. 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
The Exchange neither solicited nor received comments on the
proposed rule change.
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 will:
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. 2, 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#6113140d044c020e0c0c040f1512211204024f060e17"><span class="__cf_email__" data-cfemail="f183849d94dc929e9c9c949f8582b1829492df969e87">[email protected]</span></a>. Please include
file number SR-CboeBZX-2025-010 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-CboeBZX-2025-010. 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-CboeBZX-2025-010 and should
be submitted on or before March 7, 2025.
[[Page 9652]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-02618 Filed 2-13-25; 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.