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[Federal Register Volume 90, Number 28 (Wednesday, February 12, 2025)]
[Notices]
[Pages 9446-9450]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-02495]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-102366; File No. SR-NASDAQ-2025-008]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Filing of Proposed Rule Change To Update Certain 
Representations Relating to Shares of the iShares Bitcoin Trust To 
Allow for In-Kind Transfers of the Trust's Bitcoin

February 6, 2025.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on January 24, 2025, The Nasdaq Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') a proposed rule change to update certain 
representations relating to shares of the iShares Bitcoin Trust, 
currently listed and traded on the Exchange under Nasdaq Rule 5711(d), 
to allow for in-kind transfers of the trust's bitcoin. On February 4, 
2025, the Exchange filed Amendment No. 1 to the proposed rule change, 
which replaced and superseded the original filing in its entirety. The 
proposed rule change, as modified by Amendment No 1, is described in 
Items I and II below, which Items have been prepared by the Exchange. 
The Commission is publishing this notice to solicit comments on the 
proposed rule change, as modified by Amendment No. 1, from interested 
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to update certain representations made in the 
proposed rule change previously filed with and approved by the 
Commission relating to the shares of the iShares Bitcoin Trust (the 
``Trust''), specifically to allow for ``in-kind'' transfers of the 
Trust's bitcoin. Shares of Trust (``Shares'') are currently listed and 
traded on the Exchange under Nasdaq Rule 5711(d). This Amendment No. 1 
supersedes the original filing in its entirety.
    The text of the proposed rule change is available on the Exchange's 
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings, at the principal office of the Exchange, and at the 
Commission's Public Reference Room.

[[Page 9447]]

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Commission approved the listing and trading of the Shares on 
the Exchange pursuant to Nasdaq Rule 5711(d) \3\ on January 10, 
2024.\4\ iShares Delaware Trust Sponsor LLC, a Delaware limited 
liability company and an indirect subsidiary of BlackRock, Inc. 
(``BlackRock''), is the sponsor of the Trust (the ``Sponsor''). The 
Shares are registered with the SEC by means of the Trust's registration 
statement on Form S-1 (the ``Registration Statement'').\5\
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    \3\ Nasdaq Rule 5711(d) governs the listing and trading of 
Commodity-Based Trust Shares, which means a security (1) that is 
issued by a trust that holds (a) a specified commodity deposited 
with the trust, or (b) a specified commodity and, in addition to 
such specified commodity, cash; (2) that is issued by such trust in 
a specified aggregate minimum number in return for a deposit of a 
quantity of the underlying commodity and/or cash; and (3) that, when 
aggregated in the same specified minimum number, may be redeemed at 
a holder's request by such trust which will deliver to the redeeming 
holder the quantity of the underlying commodity and/or cash. See 
Nasdaq Rule 5711(d)(iv)(A).
    \4\ See Securities Exchange Act Release No. 99306 (January 10, 
2024), 89 FR 3008 (January 17, 2024) (SR-NYSEARCA-2021-90; SR-
NYSEARCA-2023-44; SR-NYSEARCA-2023-58; SR-NASDAQ-2023-016; SR-
NASDAQ-2023-019; SR-CboeBZX-2023-028; SR-CboeBZX-2023-038; SR-
CboeBZX-2023-040; SR-CboeBZX-2023-042; SR-CboeBZX-2023-044; SR-
CboeBZX-2023-072) (Order Granting Accelerated Approval of Proposed 
Rule Changes, as Modified by Amendments Thereto, To List and Trade 
Bitcoin-Based Commodity-Based Trust Shares and Trust Units) 
(``Bitcoin ETP Approval'').
    \5\ See Post-Effective Amendment No. 1 to Registration Statement 
on Form S-1, dated April 4, 2024 filed with the Commission by the 
Sponsor on behalf of the Trust. The descriptions of the Trust 
contained herein are based, in part, on information in the 
Registration Statement.
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    Coinbase Custody Trust Company, LLC (the ``Bitcoin Custodian'') is 
the custodian for the Trust's bitcoin holdings, and maintains a custody 
account for the Trust (``Custody Account''); Coinbase, Inc. (the 
``Prime Execution Agent''), an affiliate of the Bitcoin Custodian, is 
the prime broker for the Trust and maintains a trading account for the 
Trust (``Trading Account''); and Bank of New York Mellon is the 
custodian for the Trust's cash holdings (the ``Cash Custodian'' and 
together with the Bitcoin Custodian, the ``Custodians'') and the 
administrator of the Trust (the ``Trust Administrator'').
    The Exchange now proposes to amend representations regarding the 
Trust's creation and redemption process as set forth in the previous 
rule filing to list and trade Shares, specifically to allow for in-kind 
transfers of the Trust's bitcoin.\6\ The proposed in-kind transfer 
process will be an alternative to the Trust's current cash creation and 
redemption process. In order to effectuate this change, the Exchange 
proposes a number of changes to Amendment No. 1 in the manner described 
below. Except for the changes described below, all other 
representations in Amendment No. 1 remain unchanged and will continue 
to constitute continued listing requirements. In addition, the Trust 
will continue to comply with the terms of Amendment No. 1 and the 
requirements in Rule 5711(d).
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    \6\ See Securities Exchange Act Release No. 99295 (January 8, 
2024), 89 FR 2321 (January 12, 2024) (SR-NASDAQ-2023-016) (Notice of 
Filing of Amendment No. 1 to a Proposed Rule Change To List and 
Trade Shares of the iShares Bitcoin Trust Under Nasdaq Rule 5711(d)) 
(``Amendment No. 1'').
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Proposal 1: Custody of the Trust's Bitcoin and Creation and Redemption
    The Exchange proposes to amend the Amendment No. 1 section entitled 
``Custody of the Trust's Bitcoin and Creation and Redemption'' to add 
further detail on how the Trust will handle transfers of bitcoin in 
connection with the proposed in-kind creation and redemption process, 
and make certain conforming changes to the description of the cash 
creation and redemption process. As proposed, the language in the 
``Custody of the Trust's Bitcoin and Creation and Redemption'' section 
from Amendment No. 1 will be deleted and replaced with the following 
language.

    An investment in the Shares is backed by bitcoin held by the 
Bitcoin Custodian on behalf of the Trust. All of the Trust's bitcoin 
will be held in the Custody Account, other than the Trust's bitcoin 
which is temporarily maintained in the Trading Account under limited 
circumstances, i.e., in connection with creation and redemption 
Basket \7\ activity or sales of bitcoin deducted from the Trust's 
holdings in payment of Trust expenses or the Sponsor's fee (or, in 
extraordinary circumstances, upon liquidation of the Trust). The 
Custody Account includes all of the Trust's bitcoin held at the 
Bitcoin Custodian, but does not include the Trust's bitcoin 
temporarily maintained at the Prime Execution Agent in the Trading 
Account from time to time. The Bitcoin Custodian will keep all of 
the private keys associated with the Trust's bitcoin held in the 
Custody Account in ``cold storage.'' \8\ The hardware, software, 
systems, and procedures of the Bitcoin Custodian may not be 
available or cost-effective for many investors to access directly.
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    \7\ The Trust issues and redeems Shares only in blocks of 40,000 
or integral multiples thereof. A block of 40,000 Shares is called a 
``Basket.'' These transactions take place in exchange for bitcoin.
    \8\ The term ``cold storage'' refers to a safeguarding method by 
which the private keys corresponding to the Trust's bitcoins are 
generated and stored in an offline manner, subject to layers of 
procedures designed to enhance security. Private keys are generated 
by the Bitcoin Custodian in offline computers that are not connected 
to the internet so that they are more resistant to being hacked.
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    The Trust's bitcoin holdings and cash holdings from time to time 
may temporarily be maintained in the Trading Account held with the 
Prime Execution Agent, an affiliate of the Bitcoin Custodian. 
Coinbase Inc. serves as the Trust's Prime Execution Agent pursuant 
to the Trust's agreement with the Prime Execution Agent (``Prime 
Execution Agent Agreement''). In this capacity, the Prime Execution 
Agent facilitates (1) the buying and selling of bitcoin by the Trust 
in response to cash creations and redemptions between the Trust and 
registered broker-dealers that are Depositary Trust Company 
(``DTC'') participants that enter into an authorized participant 
agreement with the Sponsor and the Trustee (``Authorized 
Participants''), (2) the transfer of bitcoin between the Trust and 
an Authorized Participant, its designated agent or client as part of 
in-kind creations and redemptions, and (3) the sale of bitcoin to 
pay the Sponsor's fee, any other Trust expenses not assumed by the 
Sponsor, to the extent applicable, and in extraordinary 
circumstances, in connection with the liquidation of the Trust's 
bitcoin.
    The Authorized Participants will deliver cash or bitcoin to 
create shares and will receive cash or bitcoin when redeeming 
shares.
    For a cash creation or redemption of a Basket of Shares, the 
Authorized Participant will be required to submit the cash creation 
or redemption order by an early order cutoff time (the ``Cash Order 
Cutoff Time''). The Cash Order Cutoff Time will initially be 6:00 
p.m. ET on the business day prior to trade date.
    For an in-kind creation or redemption of a Basket of Shares, the 
Authorized Participant will be required to submit the in-kind 
creation or redemption order by an order cutoff (``In-Kind Order 
Cutoff Time''). The In-Kind Order Cutoff Time will initially be 3:59 
p.m. ET on the trade date.

Cash Creations

    In connection with cash creations and cash redemptions, the 
Authorized Participants will submit orders to create or redeem 
Baskets of Shares exclusively in exchange for cash. The Trust will 
engage in bitcoin transactions to convert cash into bitcoin (in

[[Page 9448]]

association with creation orders) and bitcoin into cash (in 
association with redemption orders). The Trust will conduct its 
bitcoin purchase and sale transactions by, in its sole discretion, 
choosing to trade directly with designated third parties (each, a 
``Bitcoin Trading Counterparty''), pursuant to written agreements 
between each such Bitcoin Trading Counterparty and the Trust, or 
choosing to trade through the Prime Execution Agent acting in an 
agency capacity with third parties through its Coinbase Prime 
service \9\ pursuant to the Prime Execution Agent Agreement. Bitcoin 
Trading Counterparties settle trades with the Trust using their own 
accounts at the Prime Execution Agent when trading with the Trust.
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    \9\ The Coinbase Prime service is an execution service pursuant 
to which Coinbase will execute bitcoin orders for the Trust by 
accessing liquidity from sources such as bitcoin trading platforms, 
which can include Coinbase's own platform, and other liquidity 
providers. Trades can be executed according to an algorithm or on 
the basis of firm quotes sought by requests-for-quote (``RFQ'') for 
a two-way price sent to liquidity providers. Algorithmic trades can 
be self-directed or executed by Coinbase's high touch execution 
desk, Coinbase Execution Services.
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    Following the Cash Order Cutoff Time for a creation order, the 
Trust will choose, in its sole discretion, to enter into a 
transaction with a Bitcoin Trading Counterparty or the Prime 
Execution Agent to buy bitcoin in exchange for the cash proceeds 
from such cash creation order. On settlement date for a cash 
creation, the Trust delivers Shares to the Authorized Participant in 
exchange for cash received from the Authorized Participant. Also, on 
or around the settlement date, the Bitcoin Trading Counterparty or 
Prime Execution Agent, as applicable, deposits the required bitcoin 
pursuant to its trade with the Trust into the Trust's Trading 
Account in exchange for cash. In the event the Trust has not been 
able to successfully execute and complete settlement of a bitcoin 
transaction by the settlement date of the cash creation order, the 
Authorized Participant will be given the option to (1) cancel the 
cash creation order, or (2) accept that the Trust will continue to 
attempt to complete the execution, which will delay the settlement 
date of the cash creation order. With respect to a cash creation 
order, as between the Trust and the Authorized Participant, the 
Authorized Participant is responsible for the dollar cost of the 
difference between the bitcoin price utilized in calculating NAV per 
Share on trade date and the price at which the Trust acquires the 
bitcoin to the extent the price realized in buying the bitcoin is 
higher than the bitcoin price utilized in the NAV. To the extent the 
price realized in buying the bitcoin is lower than the price 
utilized in the NAV, the Authorized Participant shall get to keep 
the dollar impact of any such difference.
    Because the Trust's Trading Account may not be funded with cash 
on trade date for the purchase of bitcoin associated with a cash 
creation order, the Trust may borrow trade credits (``Trade 
Credits'') in the form of cash from Coinbase Credit, Inc. (the 
``Trade Credit Lender''), an affiliate of the Prime Execution Agent, 
under the trade financing agreement (``Trade Financing Agreement'') 
or may require the Authorized Participant to deliver the required 
cash for the cash creation order on trade date. The extension of 
Trade Credits on trade date allows the Trust to purchase bitcoin 
through the Prime Execution Agent on trade date, with such bitcoin 
being deposited in the Trust's Trading Account. On settlement date 
for a cash creation order, the Trust delivers Shares to the 
Authorized Participant in exchange for cash received from the 
Authorized Participant. To the extent Trade Credits were utilized, 
the Trust uses the cash to repay the Trade Credits borrowed from the 
Trade Credit Lender. On settlement date for a cash creation order, 
the bitcoin purchased is swept from the Trust's Trading Account to 
the Trust's Custody Account pursuant to a regular end-of-day sweep 
process.

In-Kind Creations

    In connection with in-kind creations, the Authorized 
Participants will submit orders by the In-Kind Order Cutoff Time to 
create Baskets of Shares in exchange for bitcoin.
    On settlement date for an in-kind creation, the Trust delivers 
Shares to the Authorized Participant in exchange for bitcoin 
received from the Authorized Participant, or its designated agent or 
client. The Authorized Participant or its designated agent or client 
will deposit such bitcoin to the Trust's Trading Account at the 
Prime Execution Agent. In the event the Authorized Participant, its 
designated agent or client, has not deposited the bitcoin to the 
Trust's Trading Account at the Prime Execution Agent by the 
applicable time on the settlement date of the in-kind creation 
order, the Authorized Participant will be given the option to (1) 
cancel the in-kind creation order, (2) delay settlement of the order 
to enable delivery of bitcoin at a later date, or (3) accept that 
the Trust will execute a bitcoin transaction required for the 
creation and the Authorized Participant will deliver the U.S. 
dollars required for this purchase. In the case of (3) only, the 
Authorized Participant is responsible for the dollar cost of the 
difference between the bitcoin price utilized in calculating NAV per 
Share on trade date and the price at which the Trust acquires the 
bitcoin to the extent the price realized in buying the bitcoin is 
higher than the bitcoin price utilized in the NAV. To the extent the 
price realized in buying the bitcoin is lower than the price 
utilized in the NAV, the Authorized Participant shall get to keep 
the dollar impact of any such difference.

Cash Redemption

    Following the Cash Order Cutoff Time for a cash redemption 
order, the Trust may choose, in its sole discretion, to enter into a 
transaction with a Bitcoin Trading Counterparty or the Prime 
Execution Agent, to sell bitcoin in exchange for cash. After the 
Cash Order Cutoff Time, the Trust instructs the Bitcoin Custodian to 
prepare to move the associated bitcoin from the Trust's Custody 
Account to the Trust's Trading Account. On settlement date for a 
redemption order, the Authorized Participant delivers the necessary 
Shares to the Trust, and on or around settlement date, a Bitcoin 
Trading Counterparty or Prime Execution Agent, as applicable, 
delivers the cash associated with the Trust's sale of bitcoin to the 
Trust in exchange for the Trust's bitcoin, and the Trust delivers 
cash to the Authorized Participant. In the event the Trust has not 
been able to successfully execute and complete settlement of a 
bitcoin transaction by the settlement date, the Authorized 
Participant will be given the option to (1) cancel the redemption 
order, or (2) accept that the Trust will continue to attempt to 
complete the execution, which will delay the settlement date. With 
respect to a cash redemption order, between the Trust and the 
Authorized Participant, the Authorized Participant will be 
responsible for the dollar cost of the difference between the 
bitcoin price utilized in calculating the NAV per Share on trade 
date and the price realized in selling the bitcoin to raise the cash 
needed for the cash redemption order to the extent the price 
realized in selling the bitcoin is lower than the bitcoin price 
utilized in the NAV. To the extent the price realized in selling the 
bitcoin is higher than the price utilized in the NAV, the Authorized 
Participant will get to keep the dollar impact of any such 
difference.
    The Trust may use financing in connection with a cash redemption 
order when bitcoin remains in the Trust's Custody Account at the 
point of intended execution of a sale of bitcoin. In those 
circumstances, the Trust may borrow Trade Credits in the form of 
bitcoin from the Trade Credit Lender, which allows the Trust to sell 
bitcoin through the Prime Execution Agent on trade date, and the 
cash proceeds are deposited in the Trust's Trading Account. On 
settlement date for a redemption order, the Trust delivers cash to 
the Authorized Participant in exchange for Shares received from the 
Authorized Participant. In the event financing was used, the Trust 
will use the bitcoin moved from the Trust's Custody Account to the 
Trading Account to repay the Trade Credits borrowed from the Trade 
Credit Lender.

In-Kind Redemptions

    In connection with in-kind redemptions, the Authorized 
Participants will submit orders by the In-Kind Order Cutoff Time to 
redeem Baskets of Shares in exchange for bitcoin.
    On settlement date for an in-kind redemption, the Trust delivers 
bitcoin to the account of the Authorized Participant or its 
designated agent or client at the Prime Execution Agent in exchange 
for Shares received from the Authorized Participant.
Proposal 2: Creation and Redemption of Shares
    The Exchange also proposes to modify the Amendment No. 1 section 
``Creation and Redemption of Shares'' to integrate the proposed in-kind 
creation and redemption process. Specifically, Amendment No. 1 
currently states that Baskets are only issued or redeemed in exchange 
for an amount of cash determined by the Trustee on each day that Nasdaq 
is open for regular trading.

[[Page 9449]]

No Shares are issued unless the Cash Custodian has allocated to the 
Trust's account the corresponding amount of cash. The amount of cash 
necessary for the creation of a Basket, or to be received upon 
redemption of a Basket, will decrease over the life of the Trust, due 
to the payment or accrual of fees and other expenses or liabilities 
payable by the Trust.
    The Exchange now proposes to delete the above language from 
Amendment No. 1, and replace it with the following: Baskets are only 
issued or redeemed in exchange for an amount of bitcoin and/or cash 
determined by the Trustee on each day that Nasdaq is open for regular 
trading. No Shares are issued unless the Cash Custodian has allocated 
to the Trust's account the corresponding amount of cash or the Prime 
Execution Agent has allocated to the Trust's account the corresponding 
amount of bitcoin.\10\ The amount of bitcoin or cash necessary for the 
creation of a Basket, or to be received upon redemption of a Basket, 
will decrease over the life of the Trust, due to the payment or accrual 
of fees and other expenses or liabilities payable by the Trust.
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    \10\ The amount of cash or bitcoin is based on the NAV of the 
Trust on the trade date.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\11\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\12\ in particular, in that it is designed to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and, in general to protect investors and the public 
interest.
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    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that permitting in-kind transfers with 
respect to the Trust's creation and redemption process promotes just 
and equitable principles of trade and helps remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system. As discussed above, the proposed changes would permit the Trust 
to utilize an in-kind creation and redemption process in addition to 
the cash creation and redemption process. This added ability would make 
the Trust (and the market more generally) operate more efficiently 
because Authorized Participants, their designated agents or clients, 
would be able to source bitcoin rather than to provide cash to the 
Trust and/or receive bitcoin from the Trust. This means that the 
Authorized Participant, its designated agent or client, would be 
responsible for buying and selling the bitcoin rather than the Trust 
itself, which would potentially lessen the impact on the market of the 
Trust on both sides of the transaction by allowing the Authorized 
Participant to decide how and where to source the underlying bitcoin 
for creations and deciding how, where, and whether to sell the 
underlying bitcoin for redemptions. This could lead to improvements in 
the creation and redemption process for both Authorized Participants 
and the Trust, and could potentially increase efficiency, and 
ultimately benefit the end investors in the Trust.
    Except for the changes described above, all other representations 
in Amendment No. 1 remain unchanged and will continue to constitute 
continued listing requirements. In addition, the Trust will continue to 
comply with the terms of Amendment No. 1 and the requirements in Rule 
5711(d).

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. As discussed above, the 
proposed amendments are intended to reflect changes to the Trust's 
creation and redemption process, specifically to allow for in-kind 
transfers. As discussed above, the Exchange believes that the proposed 
rule change would increase operational efficiencies for the Trust (and 
the market more generally). The Exchange believes these changes will 
not impose any burden on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission shall: (a) by order approve 
or disapprove such proposed rule change, or (b) institute proceedings 
to determine whether the proposed rule change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed rule 
change, as modified by Amendment No. 1, is consistent with the Act. 
Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number SR-NASDAQ-2025-008 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-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 (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-NASDAQ-2025-008 and should 
be submitted on or before March 5, 2025.

[[Page 9450]]

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-02495 Filed 2-11-25; 8:45 am]
BILLING CODE 8011-01-P
```