Notice2025-13063
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 2, To Amend the Rules Governing the Listing and Trading of the iShares Bitcoin Trust 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
July 14, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 132 (Monday, July 14, 2025)</title>
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[Federal Register Volume 90, Number 132 (Monday, July 14, 2025)]
[Notices]
[Pages 31386-31390]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-13063]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103406; File No. SR-NASDAQ-2025-008]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing of a Proposed Rule Change, as Modified by Amendment
No. 2, To Amend the Rules Governing the Listing and Trading of the
iShares Bitcoin Trust To Permit In-Kind Creations and Redemptions
July 9, 2025.
On January 24, 2025, The Nasdaq Stock Market LLC (``Nasdaq'' or
[[Page 31387]]
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4
thereunder,\2\ 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superseded the original filing in its entirety.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 was published for comment in the Federal Register on February
12, 2025.\3\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 102366 (Feb. 6,
2025), 90 FR 9446.
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On March 11, 2025, pursuant to Section 19(b)(2) of the Exchange
Act,\4\ the Commission designated a longer period within which to
approve the proposed rule change, disapprove the proposed rule change,
or institute proceedings to determine whether to disapprove the
proposed rule change.\5\ On May 13, 2025, the Commission instituted
proceedings under Section 19(b)(2)(B) of the Act,\6\ to determine
whether to approve or disapprove the proposed rule change.\7\ On July
1, 2025, pursuant to Section 19(b)(2) of the Act,\8\ the Exchange filed
Amendment No. 2 to the proposed rule change, which replaced and
superseded the original filing, as amended by Amendment No. 1, in its
entirety. The proposed rule change, as modified by Amendment No. 2, 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. 2,
from interested persons.
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\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 102602, 90 FR 12421
(Mar. 17, 2025) (designating May 13, 2025, as the date by which the
Commission shall either approve, disapprove, or institute
proceedings to determine whether to disapprove the proposed rule
change).
\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ See Securities Exchange Act Release No. 103034, 90 FR 21352
(May 19, 2025).
\8\ 15 U.S.C. 78s(b)(2).
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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. 2
supersedes Amendment No. 1 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.
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 III 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) \9\ on January 10,
2024.\10\ 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'').
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\9\ 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).
\10\ 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'').
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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.\11\ 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 the Original IBIT Filing in the manner
described below. Except for the changes described below, all other
representations in the Original IBIT Filing remain unchanged and will
continue to constitute continued listing requirements. In addition, the
Trust will continue to comply with the terms of the Original IBIT
Filing and the requirements in Rule 5711(d).
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\11\ 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))
(the ``Original IBIT Filing'').
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Proposal 1: Custody of the Trust's Bitcoin and Creation and Redemption
The Exchange proposes to amend the Original IBIT Filing 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 the Original IBIT Filing 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
[[Page 31388]]
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 \12\ 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.'' \13\ 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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\12\ 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.
\13\ 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 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 \14\ 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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\14\ 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
[[Page 31389]]
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 Original IBIT Filing
section ``Creation and Redemption of Shares'' to integrate the proposed
in-kind creation and redemption process. Specifically, the Original
IBIT Filing 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. 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 the
Original IBIT Filing, 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 Authorized Participant
has properly delivered the requisite amount of cash or bitcoin to the
Trust's account.\15\ 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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\15\ 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,\16\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\17\ 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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\16\ 15 U.S.C. 78f(b).
\17\ 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
[[Page 31390]]
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 the Original IBIT Filing remain unchanged and will continue to
constitute continued listing requirements. In addition, the Trust will
continue to comply with the terms of the Original IBIT Filing 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. 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#2250574e470f414d4f4f474c5651625147410c454d54"><span class="__cf_email__" data-cfemail="2f5d5a434a024c4042424a415b5c6f5c4a4c01484059">[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 August 4, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-13063 Filed 7-11-25; 8:45 am]
BILLING CODE 8011-01-P
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