Notice2025-13072
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Amendment No. 1 and Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Rules Governing the Listing and Trading of Shares of the iShares Ethereum 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 31507-31511]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-13072]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103416; File No. SR-NASDAQ-2025-038]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing of Amendment No. 1 and Designation of a Longer Period
for Commission Action on a Proposed Rule Change, as Modified by
Amendment No. 1, To Amend the Rules Governing the Listing and Trading
of Shares of the iShares Ethereum Trust To Permit In-Kind Creations and
Redemptions
July 9, 2025.
On May 9, 2025, The Nasdaq Stock Market LLC (``Exchange'') filed
with the Securities and Exchange Commission (``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 amend the
rules governing the listing and trading of shares of the iShares
Ethereum Trust to permit in-kind creations and redemptions, to add an
additional ether custodian, and to amend the Trust's name. The proposed
rule change was published for comment in the Federal Register on May
28, 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. 103095 (May 21,
2025), 90 FR 22525. The Commission has received no comments on the
proposed rule change.
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On July 1, 2025, the Exchange filed Amendment No. 1 to the proposed
rule change, which replaces and supersedes the original filing. 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.
[[Page 31508]]
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 Ethereum Trust (the
``Trust'') to allow for ``in-kind'' transfers of the Trust's ether.
Shares of the 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.
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) \4\ on May 23, 2024.\5\
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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\4\ 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).
\5\ See Securities Exchange Act Release No. 100224 (May 23,
2024), 89 FR 46937 (May 30, 2024) (Self-Regulatory Organizations;
NYSE Arca, Inc.; The Nasdaq Stock Market LLC; Cboe BZX Exchange,
Inc.; Order Granting Accelerated Approval of Proposed Rule Changes,
as Modified by Amendments Thereto, To List and Trade Shares of
Ether-Based Exchange-Traded Products) (``Spot ETH ETP Approval
Order'').
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Coinbase Custody Trust Company, LLC (the ``Ether Custodian'') is
the custodian for the Trust's ether holdings, and maintains a custody
account for the Trust (``Custody Account''); Coinbase, Inc. (the
``Prime Execution Agent''), an affiliate of the Ether Custodian, is the
prime broker for the Trust and maintains a trading account for the
Trust (``Trading Account''); and The Bank of New York Mellon is the
custodian for the Trust's cash holdings (the ``Cash Custodian'') 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 to allow for in-kind transfers of
the Trust's ether.\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 the foregoing changes, the Exchange
proposes a number of changes to the Original ETHA Filing in the manner
described below. Except for the changes described below, all other
representations in the Original ETHA 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 ETHA
Filing and the requirements in Rule 5711(d).
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\6\ See Securities Exchange Act Release No. 100212 (May 22,
2024), 89 FR 46556 (May 29, 2024) (SR-NASDAQ-2023-045) (Notice of
Filing of Amendment No. 2 to a Proposed Rule Change To List and
Trade Shares of the iShares Ethereum Trust Under Nasdaq Rule
5711(d)) (the ``Original ETHA Filing'').
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Proposal 1: Custody of the Trust's Ether and Creation and Redemption
The Exchange proposes to amend the Original ETHA Filing section
entitled ``Custody of the Trust's Ether and Creation and Redemption''
to add more detail on how the Trust will handle transfers of ether 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 Ether and Creation and Redemption'' section
from the Original ETHA Filing will be deleted and replaced with the
following language.
An investment in the Shares is backed by ether held by the Ether
Custodian on behalf of the Trust. All of the Trust's ether will be held
in the Custody Account, other than the Trust's ether 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 ether 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 ether held at the Ether Custodian but does
not include the Trust's ether temporarily maintained at the Prime
Execution Agent in the Trading Account from time to time. The Ether
Custodian will keep all of the private keys associated with the Trust's
ether held in the Custody Account in ``cold storage''.\8\ The hardware,
software, systems, and procedures of the Ether 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 ether.
\8\ The term ``cold storage'' refers to a safeguarding method by
which the private keys corresponding to the Trust's ether are
generated and stored in an offline manner, subject to layers of
procedures designed to enhance security. Private keys are generated
by the Ether 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 ether 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 Ether 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 ether 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 ether
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 ether 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 ether.
[[Page 31509]]
The Authorized Participants will deliver cash or ether to create
shares and will receive cash or ether 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
ether transactions to convert cash into ether (in association with
creation orders) and ether into cash (in association with redemption
orders). The Trust will conduct its ether purchase and sale
transactions by, in its sole discretion, choosing to trade directly
with designated third parties (each, an ``Ether Trading
Counterparty''), pursuant to written agreements between each such Ether
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. Ether 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 ether orders for the Trust by
accessing liquidity from sources such as ether 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 an Ether Trading Counterparty or the Prime Execution Agent to buy
ether 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
Ether Trading Counterparty or Prime Execution Agent, as applicable,
deposits the required ether 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 an ether 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 ether price utilized in calculating NAV per
Share on trade date and the price at which the Trust acquires the ether
to the extent the price realized in buying the ether is higher than the
ether price utilized in the NAV. To the extent the price realized in
buying the ether 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 ether 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 ether through the Prime Execution Agent on trade
date, with such ether 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 ether
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 ether.
On settlement date for an in-kind creation, the Trust delivers
Shares to the Authorized Participant in exchange for ether received
from the Authorized Participant, or its designated agent or client. The
Authorized Participant or its designated agent or client will deposit
such ether 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 ether 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 ether at a later date, or
(3) accept that the Trust will execute a ether 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 ether price utilized in calculating NAV per
Share on trade date and the price at which the Trust acquires the ether
to the extent the price realized in buying the ether is higher than the
ether price utilized in the NAV. To the extent the price realized in
buying the ether 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 an Ether Trading Counterparty or the Prime Execution
Agent, to sell ether in exchange for cash. After the Cash Order Cutoff
Time, the Trust instructs the Ether Custodian to prepare to move the
associated ether from the Trust's Custody Account to the Trust's
Trading Account. On settlement date for a cash redemption order, the
Authorized Participant delivers the necessary Shares to the Trust, and
on or around settlement date, an Ether Trading Counterparty or Prime
Execution Agent, as applicable, delivers the cash associated with the
Trust's sale of ether to the Trust in exchange for the Trust's ether,
and the Trust delivers cash to the Authorized Participant. In the event
the
[[Page 31510]]
Trust has not been able to successfully execute and complete settlement
of an ether transaction by the settlement date, the Authorized
Participant will be given the option to (1) cancel the cash 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 ether price utilized
in calculating the NAV per Share on trade date and the price realized
in selling the ether to raise the cash needed for the cash redemption
order to the extent the price realized in selling the ether is lower
than the ether price utilized in the NAV. To the extent the price
realized in selling the ether 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 ether remains in the Trust's Custody Account at the point of
intended execution of a sale of ether. In those circumstances, the
Trust may borrow Trade Credits in the form of ether from the Trade
Credit Lender, which allows the Trust to sell ether 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 cash 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 ether 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 ether.
On settlement date for an in-kind redemption, the Trust delivers
ether 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 ETHA Filing
section ``Creation and Redemption of Shares'' to integrate the proposed
in-kind creation and redemption process. Specifically, the Original
ETHA 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 ETHA Filing, and replace it with the following: Baskets are
only issued or redeemed in exchange for an amount of ether 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 ether to the Trust's
account.\10\ The amount of ether 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 ether 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 ether rather than to provide cash to the Trust
and/or receive ether from the Trust. This means that the Authorized
Participant, its designated agent or client, would be responsible for
buying and selling the ether 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 ether for creations and deciding
how, where, and whether to sell the underlying ether 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 ETHA 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 ETHA 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 allow for in-kind transfers. The
Exchange believes that the proposed changes would increase operational
efficiencies for the Trust (and the market more generally). The
Exchange believes the changes proposed herein 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. Notice of Designation of a Longer Period for Commission Action
Section 19(b)(2) of the Act \13\ provides that within 45 days of
the publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the
[[Page 31511]]
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether the proposed rule change should be
disapproved. The 45th day after publication of the notice for this
proposed rule change is July 12, 2025. The Commission is extending this
45-day time period.
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\13\ 15 U.S.C. 78s(b)(2).
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The Commission finds it appropriate to designate a longer period
within which to take action on the proposed rule change so that it has
sufficient time to consider the proposed rule change and the issues
raised therein. Accordingly, the Commission, pursuant to Section
19(b)(2) of the Act,\14\ designates August 26, 2025, as the date by
which the Commission shall either approve or disapprove, or institute
proceedings to determine whether to disapprove, the proposed rule
change.
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\14\ 15 U.S.C. 78s(b)(2).
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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#a4d6d1c8c189c7cbc9c9c1cad0d7e4d7c1c78ac3cbd2"><span class="__cf_email__" data-cfemail="5a282f363f77393537373f342e291a293f39743d352c">[email protected]</span></a>. Please include
file number SR-NASDAQ-2025-038 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-2025-038. 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-2025-038 and should
be submitted on or before August 4, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12) and (31).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-13072 Filed 7-11-25; 8:45 am]
BILLING CODE 8011-01-P
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