9050 Federal Register / Vol. 90, No. 23 / Wednesday, February 5, 2025 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 101864 

(Dec. 10, 2024), 89 FR 101654. The Commission did 

not receive any comments on the proposal. 

4 In Amendment No. 1, the Exchange clarified the 

description of the Trust; further described the terms 

of the Trust; and conformed various representations 

in the amended filing to representations that 

exchanges have made for other exchange-traded 

products (‘‘ETPs’’) that the Commission has 

approved. The full text of Amendment No. 1 is 

available on the Commission’s website at: https:// 

www.sec.gov/comments/sr-nysearca-2024-104/ 

srnysearca2024104-559475-1605482.pdf. 

5See infra Item V. 

6See supra note 4. 

7Bitcoins are digital assets that are issued and 

transferred via a distributed, open-source protocol 

used by a peer-to-peer computer network through 

which transactions are recorded on a public 

transaction ledger known as the ‘‘Bitcoin 

blockchain.’’ The Bitcoin protocol governs the 

creation of new bitcoins and the cryptographic 

system that secures and verifies bitcoin 

transactions. 

8Ether is a digital asset that is native to, and 

minted and transferred via, a distributed, opensource protocol used by a peer-to-peer computer 

network through which transactions are recorded 

on a public transaction ledger known as 

‘‘Ethereum.’’ The Ethereum protocol governs the 

creation of new ether and the cryptographic system 

that secures and verifies transactions on Ethereum. 

9See Amendment No. 1 at 4. The Trust is a 

Delaware statutory trust and will operate pursuant 

to a trust agreement between Bitwise Investment 

Advisers, LLC (‘‘Sponsor’’) and Delaware Trust 

Company, as trustee. Coinbase Custody Trust 

Company, LLC will maintain custody of the Trust’s 

bitcoin and ether. Bank of New York Mellon will 

be the custodian for the Trust’s cash holdings, the 

administrator of the Trust, and the transfer agent for 

the Trust. See id. 

10See id. As of the date of the filing, the relative 

market capitalization of bitcoin and ether were 83% 

bitcoin and 17% ether. The Exchange states that the 

Trust will calculate the market capitalization of 

bitcoin and ether by multiplying the Pricing 

Benchmarks (as defined herein) by the current 

circulating supply of bitcoin and ether respectively, 

as determined by the Sponsor, and will calculate 

the relative market capitalization by dividing each 

of bitcoin and ether’s market capitalization by the 

combined market capitalization of both. See id. at 

4 n.8. 

11See id. at 5. 

12See id. at 7. 

13See id. at 4–5, 7. The Pricing Benchmarks are 

calculated by CF Benchmarks Ltd. based on an 

aggregation of executed trade flow of major bitcoin 

and ether trading platforms and are designed to 

provide a daily, 4:00 p.m. E.T. reference rate of the 

U.S. dollar price of one bitcoin or one ether. See 

id. at 5 n.9. 

consistent with the policies of title 39. 

Applicable statutory and regulatory 

requirements include 39 U.S.C. 3632, 39 

U.S.C. 3633, 39 U.S.C. 3642, 39 CFR 

part 3035, and 39 CFR part 3041. 

Comment deadline(s) for each such 

request, if any, appear in Section II. 

Section III identifies the docket 

number(s) associated with each Postal 

Service request, if any, to add a 

standardized distinct product to the 

Competitive product list or to amend a 

standardized distinct product, the title 

of each such request, the request’s 

acceptance date, and the authority cited 

by the Postal Service for each request. 

Standardized distinct products are 

negotiated service agreements that are 

variations of one or more Competitive 

products, and for which financial 

models, minimum rates, and 

classification criteria have undergone 

advance Commission review. See 39 

CFR 3041.110(n); 39 CFR 3041.205(a). 

Such requests are reviewed in summary 

proceedings pursuant to 39 CFR 

3041.325(c)(2) and 39 CFR 

3041.505(f)(1). Pursuant to 39 CFR 

3041.405(c)–(d), the Commission does 

not appoint a Public Representative or 

request public comment in proceedings 

to review such requests. 

II. Public Proceeding(s) 

1. Docket No(s).: MC2025–1165 and 

K2025–1165; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 1325 to the Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: January 30, 2025; Filing Authority: 

39 U.S.C. 3642, 39 CFR 3035.105, and 

39 CFR 3041.310; Public Representative: 

Kenneth Moeller; Comments Due: 

February 7, 2025. 

2. Docket No(s).: MC2025–1166 and 

K2025–1166; Filing Title: USPS Request 

to Add Priority Mail Express, Priority 

Mail & USPS Ground Advantage 

Contract 1326 to the Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: January 30, 2025; Filing Authority: 

39 U.S.C. 3642, 39 CFR 3035.105, and 

39 CFR 3041.310; Public Representative: 

Elsie Lee-Robbins; Comments Due: 

February 7, 2025. 

III. Summary Proceeding(s) 

None. See Section II for public 

proceedings. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2025–02264 Filed 2–4–25; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102310; File No. SR– 

NYSEARCA–2024–104] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of 

Amendment No. 1 and Order Granting 

Accelerated Approval of a Proposed 

Rule Change, as Modified by 

Amendment No. 1, To List and Trade 

Shares of the Bitwise Bitcoin and 

Ethereum ETF Under NYSE Arca Rule 

8.201–E (Commodity-Based Trust 

Shares) 

January 30, 2025. 

I. Introduction 

On November 26, 2024, NYSE Arca, 

Inc. (‘‘NYSE Arca’’ or the ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’ or 

‘‘Exchange Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

list and trade shares (‘‘Shares’’) of the 

Bitwise Bitcoin and Ethereum ETF 

(‘‘Trust’’) under NYSE Arca Rule 8.201– 

E (Commodity-Based Trust Shares). The 

proposed rule change was published for 

comment in the Federal Register on 

December 16, 2024.3 On January 21, 

2025, the Exchange filed Amendment 

No. 1 to the proposed rule change,4

which superseded the original proposed 

rule change in its entirety. The 

Commission is publishing this notice to 

solicit comments on Amendment No. 1 

from interested persons and is 

approving the proposed rule change, as 

modified by Amendment No. 1 

(‘‘Proposal’’), on an accelerated basis.5

II. Description of the Proposed Rule 

Change, as Modified by Amendment 

No. 1 

As described in more detail in 

Amendment No. 1,6 the Exchange 

proposes to list and trade Shares of the 

Trust under NYSE Arca Rule 8.201–E 

(Commodity-Based Trust Shares). The 

Trust will hold both spot bitcoin 7 and 

spot ether.8

According to the Exchange, the 

investment objective of the Trust is to 

seek to provide exposure to the value of 

bitcoin and ether held by the Trust, less 

the expenses of the Trust’s operations 

and other liabilities.9 The Trust’s 

allocation of its assets to bitcoin and 

ether will approximate the relative 

market capitalization of bitcoin and 

ether to one another.10 The Trust’s only 

assets will be bitcoin, ether, and cash.11

The Trust’s net asset value (‘‘NAV’’) and 

NAV per Share will be determined by 

the Administrator once each Exchange 

trading day as of 4:00 p.m. E.T., or as 

soon thereafter as practicable.12 For 

purposes of calculating the Trust’s NAV, 

the Administrator will determine the 

price of the Trust’s bitcoin and ether by 

reference to the CME CF Bitcoin—New 

York Variant for its bitcoin holdings and 

to the CME CF Ether—Dollar Reference 

Rate—New York Variant for its ether 

holdings (the ‘‘Pricing Benchmarks’’).13

The Trust will create and redeem Shares 

from time to time, but only in one or 

more ‘‘Creation Units,’’ which will 


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Federal Register / Vol. 90, No. 23 / Wednesday, February 5, 2025 / Notices 9051 

14See id. at 8. Authorized participants will 

deliver only cash to create Shares and will receive 

only cash when redeeming Shares. See id. at 9. 

15 In approving the Proposal, the Commission has 

considered the Proposal’s impacts on efficiency, 

competition, and capital formation. See 15 U.S.C. 

78c(f). 

16 15 U.S.C. 78f(b)(5). 

17 15 U.S.C. 78k–1(a)(1)(C)(iii). 

18See Amendment No. 1 at 4. The Trust could 

also hold cash. See id. at 5. 

19See, e.g., Order Granting Approval of a 

Proposed Rule Change, as Modified by Amendment 

No. 1, to List and Trade Shares of the Hashdex 

Nasdaq Crypto Index US ETF and Granting 

Accelerated Approval of a Proposed Rule Change, 

as Modified by Amendment No. 1, to List and Trade 

Shares of the Franklin Crypto Index ETF, a Series 

of the Franklin Crypto Trust, Securities Exchange 

Act Release No. 101998 (Dec. 19, 2024), 89 FR 

106707 (Dec. 30, 2024) (SR–NASDAQ–2024–028; 

SR–CBOEBZX–2024–091) (‘‘Spot Bitcoin & Ether 

ETP Approval Order’’). See also infra Item III.B. 

20See, e.g., Spot Bitcoin & Ether ETP Approval 

Order at 106709. 

21See Amendment No. 1 at 19–22. 

22See id. at 20. 

23See NYSE Arca Rule 8.201–E(e)(2)(vii). 

24See Amendment No. 1 at 22. 

25See Spot Bitcoin and Ether ETP Approval 

Order. 

initially consist of at least 10,000 

Shares.14

III. Discussion and Commission 

Findings 

After careful review, the Commission 

finds that the Proposal is consistent 

with the Exchange Act and rules and 

regulations thereunder applicable to a 

national securities exchange.15 In 

particular, the Commission finds that 

the Proposal is consistent with Section 

6(b)(5) of the Exchange Act,16 which 

requires, among other things, that the 

Exchange’s rules be designed to 

‘‘prevent fraudulent and manipulative 

acts and practices’’ and, ‘‘in general, to 

protect investors and the public 

interest;’’ and with Section 

11A(a)(1)(C)(iii) of the Exchange Act,17

which sets forth Congress’ finding that 

it is in the public interest and 

appropriate for the protection of 

investors and the maintenance of fair 

and orderly markets to assure the 

availability to brokers, dealers, and 

investors of information with respect to 

quotations for and transactions in 

securities. 

A. Exchange Act Section 6(b)(5) 

The Trust will hold both spot bitcoin 

and spot ether weighted according to 

their relative market capitalizations.18

The structure of the Trust, the terms of 

its operation and the trading of its 

Shares, and the representations in the 

Exchange’s amended filing are 

substantially similar to those of the spot 

bitcoin and spot ether ETP proposals 

approved in prior Commission orders.19

As such, based on the record before the 

Commission the Commission is able to 

conclude that the Proposal is consistent 

with Section 6(b)(5) of the Exchange 

Act. 

B. Exchange Act Section 

11A(a)(1)(C)(iii) 

The Proposal sets forth aspects of the 

proposed ETP, including the availability 

of pricing information, transparency of 

portfolio holdings, and types of 

surveillance procedures, that are 

consistent with other ETPs that the 

Commission has approved.20 This 

includes commitments regarding: the 

availability of quotation and last-sale 

information for the Shares; the 

availability on the Trust’s website of 

certain information related to the Trust, 

including NAV; the dissemination of an 

intra-day indicative value by one or 

more major market data vendors, 

updated every 15 seconds throughout 

the Exchange’s core trading session; the 

Exchange’s surveillance procedures and 

ability to obtain information regarding 

trading in the Shares; the conditions 

under which the Exchange would 

implement trading halts and 

suspensions; and the requirements of 

registered market makers in the 

Shares.21 In addition, the Exchange 

deems the Shares to be equity securities, 

thus rendering trading in the Shares 

subject to the Exchange’s existing rules 

governing the trading of equity 

securities.22 Further, the listing rules of 

the Exchange require that all statements 

and representations made in its filing 

regarding, among others, the description 

of the Trust’s holdings, limitations on 

such holdings, and the applicability of 

the Exchange’s listing rules specified in 

the filing, will constitute continued 

listing requirements.23 Moreover, the 

Proposal states that: the Trust’s Sponsor 

has represented to the Exchange that it 

will advise the Exchange of any failure 

by the Trust to comply with the 

continued listing requirements; 

pursuant to obligations under Section 

19(g)(1) of the Exchange Act, the 

Exchange will monitor for compliance 

with the continued listing requirements; 

and if the Trust is not in compliance 

with the applicable listing requirements, 

the Exchange will commence delisting 

procedures.24

The Commission therefore finds that 

the Proposal, as with other ETPs that the 

Commission has approved,25 is 

reasonably designed to promote fair 

disclosure of information that may be 

necessary to price the Shares 

appropriately, to prevent trading when 

a reasonable degree of transparency 

cannot be assured, to safeguard material 

non-public information relating to the 

Trust’s portfolio, and to ensure fair and 

orderly markets for the Shares. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the Proposal is 

consistent with the Exchange Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NYSEARCA–2024–104 on the subject 

line. 

Paper Comments 

• 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–NYSEARCA–2024–104. 

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 (https:// 

www.sec.gov/rules/sro.shtml). 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–NYSEARCA–2024–104 and should 


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9052 Federal Register / Vol. 90, No. 23 / Wednesday, February 5, 2025 / Notices 

26See supra note 4. 

27See also supra Item III.B. 

28See Spot Bitcoin and Ether ETP Approval 

Order. 

29 15 U.S.C. 78s(b)(2). 

30 In addition, the Shares of the Trust must 

comply with the requirements of NYSE Arca Rule 

8.201–E (Commodity-Based Trust Shares) to be 

listed and traded on the Exchange on an initial and 

continuing basis. 

31 15 U.S.C. 78s(b)(2). 

32 15 U.S.C. 78f(b)(5); 15 U.S.C. 78k– 

1(a)(1)(C)(iii). 

33 15 U.S.C. 78s(b)(2). 

34 17 CFR 200.30–3(a)(12). 

be submitted on or before February 26, 

2025. 

V. Accelerated Approval 

The Commission finds good cause to 

approve the Proposal prior to the 30th 

day after the date of publication of 

notice of Amendment No. 1 26 in the 

Federal Register. The amendment 

clarified the description of the Trust; 

further described the terms of the Trust; 

and conformed various representations 

in the amended filing to representations 

that exchanges have made for other 

ETPs that the Commission has 

approved.27 The amended filing is now 

substantially similar to filings for other 

spot bitcoin and spot ether ETPs that the 

Commission has approved.28

Accordingly, the Commission finds 

good cause, pursuant to Section 19(b)(2) 

of the Exchange Act,29 to approve the 

Proposal on an accelerated basis. 

VI. Conclusion 

This approval order is based on all of 

the Exchange’s representations and 

descriptions in the Proposal, which the 

Commission has carefully evaluated as 

discussed above.30 For the reasons set 

forth above, the Commission finds, 

pursuant to Section 19(b)(2) of the 

Exchange Act,31 that the Proposal is 

consistent with the requirements of the 

Exchange Act and the rules and 

regulations thereunder applicable to a 

national securities exchange, and in 

particular, with Section 6(b)(5) and 

Section 11A(a)(1)(C)(iii) of the Exchange 

Act.32

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Exchange Act,33

that the Proposal (SR–NYSEARCA– 

2024–104) be, and hereby is, approved 

on an accelerated basis. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.34

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–02223 Filed 2–4–25; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

[Docket No. FAA–2025–0152] 

Agency Information Collection 

Activities: Requests for Comments; 

Clearance of a Renewed Approval of 

Information Collection: Procedures for 

Non-Federal Navigation Facilities 

AGENCY: Federal Aviation 

Administration (FAA), Department of 

Transportation. 

ACTION: Notice and request for 

comments. 

SUMMARY: In accordance with the 

Paperwork Reduction Act of 1995, FAA 

invites public comments about our 

intention to request the Office of 

Management and Budget (OMB) 

approval to renew an information 

collection. The collection involves 

aerial navigation aids (NavAids), 

electrical/electronic facilities, owned 

and operated by non-federal sponsors 

for use by the flying public. ‘‘NonFederal sponsors’’ refers to entities such 

as State and local governments, 

businesses, and private citizens. The 

information to be collected is necessary 

to ensure that operation and 

maintenance of these non-federally 

owned facilities is in accordance with 

FAA safety standards. The FAA is not 

changing its information-collection 

practices pertaining to non-Federal 

facilities. It is merely renewing its legal 

authority to collect that information. 

DATES: Written comments should be 

submitted by April 7, 2025. 

ADDRESSES: Please send written 

comments: 

By Electronic Docket: 

www.regulations.gov (Enter docket 

number into search field). 

By email: Non-Federal-Program@

faa.gov (Enter docket number into 

subject line). 

FOR FURTHER INFORMATION CONTACT: 

Michael Schoen by email at 

Michael.J.Schoen@faa.gov; phone (202) 

267–9841. 

SUPPLEMENTARY INFORMATION: The 

collection involves the compilation of: 

• Commissioning data, such as the 

initial standards and tolerances 

parameters for the aerial navigation aids 

(NavAids) and electrical/electronic 

facilities, owned and operated by nonfederal sponsors; 

• Maintenance activities and 

operational history, such as outages and 

repairs, for facilities owned and 

operated by non-federal sponsors; and 

• The facilities’ periodically verified 

parameters for the life of the facility. 

Public Comments Invited: You are 

asked to comment on any aspect of this 

information collection, including (a) 

Whether the proposed collection of 

information is necessary for FAA’s 

performance; (b) the accuracy of the 

estimated burden; (c) ways for FAA to 

enhance the quality, utility and clarity 

of the information collection; and (d) 

ways that the burden could be 

minimized without reducing the quality 

of the collected information. The agency 

will summarize and/or include your 

comments in the request for OMB’s 

clearance of this information collection. 

OMB Control Number: 2120–0014. 

Title: Procedures for Non-federal 

Navigation Facilities. 

Form Numbers: FAA Form 6000–10; 

FAA Form 6000–8; FAA Form 6030–1. 

Type of Review: Renewal of an 

information collection. 

Background: Title 14 CFR part 171 

establishes procedures and 

requirements for non-federal sponsors, 

(‘‘non-federal sponsors’’ refers to 

entities such as state and local 

governments, businesses, and private 

citizens) to purchase, install, operate, 

and maintain electronic NavAids for use 

by the flying public, in the National 

Airspace System (NAS). Part 171 

describes procedures for receiving 

permission to install a facility and 

requirements to keep it in service. 

Documenting the initial parameters 

during commissioning is necessary to 

have a baseline to reference during 

future inspections. Another requirement 

is recording maintenance tasks, removal 

from service, and any other repairs 

performed on these facilities in on-site 

logs to have an accurate history on the 

performance of the facility. In addition, 

at each periodic inspection, recording 

the facilities’ current parameters 

provides performance information for 

the life of the facility. Records must be 

kept on site and the FAA must receive 

copies of the logs. 

Respondents: Approximately 2,200 

non-federal facilities/respondents. 

Frequency: Information is collected 

(submitted to FAA Inspectors) on 

occasion. 

Estimated Average Burden per 

Response: 13.72 hours per year. 

• Form 6000–10, 1.72 hours per 

response 

• Form 6000–8, 30 minutes per 

response 

• Form 6030–1, 30 minutes per 

response 

Estimated Total Annual Burden: 

Approximately 26,429 hours per year. 


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