# EDGAR Filing Document

**Accession Number:** 0002064124
**File Stem:** 0000000000-25-007969
**Filing Date:** 2025-7
**Character Count:** 31975
**Document Hash:** 9b21830410ef2a27bf9f1c2e9ce2b1c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-007969.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0000000000-25-007969

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250729

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Figure Technology Solutions, Inc.
- **CENTRAL INDEX KEY:** 0002064124
- **STANDARD INDUSTRIAL CLASSIFICATION:** LOAN BROKERS [6163]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-07992

**BUSINESS ADDRESS:**
- **STREET 1:** 100 WEST LIBERTY ST.
- **STREET 2:** SUITE 600
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 10018
- **BUSINESS PHONE:** (917) 789-8049

**MAIL ADDRESS:**
- **STREET 1:** 100 WEST LIBERTY ST.
- **STREET 2:** SUITE 600
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FT Intermediate, Inc.
- **DATE OF NAME CHANGE:** 20250408
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001628279-25-000247

## Text-Extract

```

                                                               July 29, 2025

Michael Tannenbaum
Chief Executive Officer
FT Intermediate, Inc.
5 Bryant Park, 34th Floor
New York, NY 10018

        Re: FT Intermediate, Inc.
            Amendment No. 1 to Draft Registration Statement on Form S-1
            Submitted July 2, 2025
            CIK No. 0002064124
Dear Michael Tannenbaum:

     We have reviewed your amended draft registration statement and have the
following
comments.

       Please respond to this letter by providing the requested information and
either
submitting an amended draft registration statement or publicly filing your
registration
statement on EDGAR. If you do not believe a comment applies to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing the information you provide in response to this letter
and your
amended draft registration statement or filed registration statement, we may
have additional
comments. Unless we note otherwise, any references to prior comments are to
comments in
our June 6, 2025 letter.

Amendment No. 1 to Draft Registration Statement on Form S-1
Glossary, page iii

1.     We note your response to comment 16. Please revise your disclosure on
page iii to
       clarify, if true, that the denominator in the calculation of loss rates
is the total amount
       of unpaid principal balance of loans originated rather than the total
number of loans
       originated.
2.     Please revise the definition of Tokenized real world assets to clarify
the ownership
       rights that are conveyed and any related limitations. For example, are
the real world
       ownership rights exactly the same as the tokenized ownership rights that
are
       conveyed, or can some rights not be transferred or otherwise copied to
the digital
 July 29, 2025
Page 2

       asset? Are the parties associated with the real world asset sometimes
not involved in
       the conveyance of ownership rights to the holder of the digital asset?
Consider
       including the more detailed information in the back of the prospectus.
Additionally,
       please advise us what consideration you gave to revising here or where
appropriate to
       define "Layer 1 blockchain."
Overview, page 1

3.     Noting the revised disclosure on page 158 in response to prior comment
35, please
       revise pages 1 and 2 where you initially discuss the consumer credit
market and
       "origination, gain on sale, and servicing revenue from assets generated
through our
       LOS," to disclose that HELOCs comprised 100% of your total loan
originations as of
       the most recent quarter.
4.     We note your revised disclosure in response to prior comment 5. Your
disclosure on
       page 1 continues to highlight products such as the DART platform, Figure
Connect,
       Figure Exchange, YLDS, and volume transacted on your marketplace as well
as
       volume-based fees, without indicating the associated revenues of these
products.
       And it is not until page 2 that you state that you "also earn
origination, gain on sale,
       and servicing revenue from assets generated through our LOS." Given the
bulk of
       your historical HELOC business (i.e., servicing fees, interest income,
origination fees,
       and gain on sale of loans) represents over 70% of your revenue, please
revise the
       beginning of Summary to provide quantitative and qualitative disclosure
indicating
       the relatively smaller portion of your revenues associated with the
newer products.
5.     We note your response to prior comments 8 and 12 and the revised
disclosure on page
       10 after the statement that Figure Connect "disintermediates the loan
delivery
       process." It is still unclear how Figure Connect disintermediates the
loan delivery
       process. Please revise the graphic on page 7 to describe the typical
buyers,
       explain the transaction flow (including the extent to which buyers sell
back into the
       marketplace) and explain how the "comprehensive marketplace" is
different from
       "one-to-one transactions." Additionally, please revise to disclose which
source(s) on
       the right hand side is/are responsible for the $262 million since June
2024. In this
       regard, it is our understanding that the Guarantor Vehicle and Forward
       Securitizations were not involved. Please advise and also revise to
disclose the key
       terms of the relevant agreements with users on Figure Exchange and users
of your
       MPC-enabled self-custody technology. In this regard, we note the graphic
on page 8
       portrays the user but not the multi-party entities that apparently
enable the MPC
       custody.
6.     Please also further clarify how FT Intermediate generates revenues and
incurs
       expenses through Figure Connect and Figure Exchange. For example,
further explain
       in quantitative and qualitative terms what sellers agree to when they
"pay a fee for
       utilizing our technology for origination, as well as a fulfillment fee
associated with the
       execution of loan sales." Include cross references to the more detailed
information you
       provide in Business.
7.     We note the revised disclosure regarding your "entirely automated
application
       process" that takes as little as five minutes to complete and as few as
five days to
       fund. Please revise here and Business to disclose the extent to which
there are other
 July 29, 2025
Page 3

       platform or FinTech competitors with loan origination times closer to
your application
       and funding times, as opposed to the "traditional" industry timeframe,
which you
       indicate is approximately 42 days. Additionally, to the extent comparing
your median
       to the industry average results in less comparable numbers than
comparing median to
       median, please revise to clarify.
Friction in Access and Extension of Consumer Credit, page 3

8.     We note your disclosure on page 3 regarding    mortgage entrepreneurs
unburdened by
       capital markets constraints.    Please revise to clarify this reference
as it is unclear what
       regulations and/or markets are assumed.
Limited Real-World Success of Blockchain Technology, page 4

9.     We note your response to prior comment 13. Please revise here and/or
Regulatory
       Environment on page 185 to summarize the applicable regulatory
restrictions and
       requirements to which YLDS is subject as compared to permissionless
stablecoins.
Our Solutions, page 4

10.    We note your revised disclosure and response to comment 50. Currently
the
       disclosure addresses transfer agents and other off-chain and digital
processes,
       including "an increasing number of hot and cold wallets, as well as an
increasing
       number of omnibus bank accounts." However, it is still unclear whether
DART, LOS,
       Figure Connect or any of your other products or services rely solely on
blockchain or
       other digital technology as the primary system of record. As requested,
please disclose
       for each material product or service whether it relies solely on
blockchain, primarily
       on a traditional, off-chain system or record (such as a record of
ownership maintained
       by a transfer agent) with blockchain as a supplemental record, or
otherwise.

       Additionally, please revise to clarify the process by which, and the
order in
       which, your loan originations are recorded on Provenance Blockchain and
on
       traditional analog systems, such as FOB or omnibus bank accounts. In
this regard, we
       note your disclosure on page 4 that all of your loan originations are
recorded on
       Provenance Blockchain, which also starts the process of record keeping
on traditional
       analog systems. We also note the figure on page 5 and the text under
"Day 5" stating
       that the loan is recorded in county land records and a hashed record of
the loan is
       recorded to provenance. Please revise accordingly.
Figure Connect, page 6

11.    Please expand your discussion of the joint venture with Sixth Street
Partners to better
       describe the nature of this agreement as well as ownership of any legal
entity
       associated with this arrangement, ownership of the loans purchased by
the Guarantor
       Vehicle, and whose balance sheet reflects the purchased loans. In
addition, revise your
       disclosures to address whether, and, if so, to what extent, Figure has
contributed or is
       expected to contribute capital to the Guarantor Vehicle.
12.    Additionally, please revise your disclosure to clarify whether the
Guarantor Vehicle is
       currently purchasing loans within the figure connect ecosystem and
discuss the source
       (e.g., which entity, person, etc.) provided the initial capitalization.
Describe the
 July 29, 2025
Page 4

       business of Sixth Street Partners and your relationship, including for
example
       purposes only the key terms of any agreements governing this
relationship. Clarify
       how this relationship will contribute to your goal of    enhance[ing]
liquidity for loans
       originated on [y]our LOS.    Please also clarify if the Guarantor
Vehicle may provide a
       guaranty or backing of the loans. Advise us whether you plan to file the
agreement
       with Sixth Street as a material agreement and, if not, explain why you
believe it is not
       required by Item 601(b)(10) of Regulation S-K.
YLDS, page 9

13.    We note your response to prior comment 20 but are unable to locate
revised disclosure
       completely responsive to the comment. In this regard, you state that:
           YLDS allows for an "off-ramp to fiat during U.S. banking hours" and
that your
           goal is to allow transfers 24 hours a day. However, it is unclear
what regulatory
           compliance is required to achieve your goal and where you are in the
process.
           With respect to the goal of YLDS being the "de-facto currency" of
Figure
           Exchange, please quantify the approximate percentage that is
currently done using
           YLDS;
           As other non-exclusive examples, your goals include cross-border
remittances and
           YLDS as a settlement currency for digital asset trades, such as BCT.
However,
           you do not explain the regulatory compliance required or indicate
where you are
           in the process of seeking approval for cross-border remittance and
YLDS as a
           settlement currency for digital asset trades, such as BTC;
           Third-party interest is expected to increase as you "begin to mint
YLDS on other
           Layer 1 blockchains." However, it is unclear what this phrase means,
what
           regulatory compliance may be necessary, and what the timeline is;
and
           Interest income was approximately $4 thousand, but it is unclear how
you receive
           this interest, whether as payments from Figure Certificate Company
or otherwise,
           and what the related expenses are.
       Please revise accordingly.
Homogeneous underwriting with immutable, transparent access, page 11

14.    We note your page 11 reference to    third-party review expenses.
Please expand your
       disclosure to clarify what these third-party reviews are, the role they
play in your
       underwriting, and the parties involved in this process. Disclose the
requirements and
       parameters of these third-party reviews. For instance, do third-party
reviews include a
       review of 100% of the pool assets? Please also describe the
characteristics of the 2025
       securitizations (registered, unregistered, or both, Agency MBS, RMBS,
inclusion of
       other asset classes).
Expand Figure Connect Volume, page 13

15.    We note the disclosure on page 14 that you    could face regulatory
hurdles    and that
       these    may    include various requirements and limitations. Please
revise to clarify how
       you intend to make Figure Connect the venue for market making and
trading of this
       related market. In this regard, we note that the TBA market is currently
limited only to
       the GSEs. Please detail how you plan to achieve your stated goal, making
sure to
 July 29, 2025
Page 5

       address how you have considered the current structures in place.
Additionally, please
       revise to clarify whether the public data rooms, full guarantees and
other hurdles and
       restrictions that you reference currently apply to you and identify the
source(s) of
       these restrictions and hurdles, whether internal, regulatory or
otherwise. In this regard,
       please further clarify the reference to    more than 10% of the
collateral,    including the
       source of the 10% threshold.
Our growth depends, in part, on the success of our strategic relationships,
page 32

16.    We note your response to prior comment 26. We are unable to locate
revised
       disclosure responsive to all information requested in the comment.
Please tell us how,
       if at all, the offered incentives are treated under RESPA, or advise.
Increases in borrower default rates on loans could make us and our loans less
attractive, page
43

17.    Noting your disclosure throughout with respect to VIEs and on page 43
that HELOC
       securitizations are non-recourse to you, please revise to explain how
the loan
       performance of the loans securing your securitizations may result in a
change in bond
       rating for you.
We hold state licenses that result in substantial costs, page 98

18.    We note your response to prior comment 28. With a view to revised
disclosure to the
       extent material, advise us of the expected timeframe for approvals and
the scope of
       the various licenses that need to be reapplied for (i.e., state, federal
and nature of the
       activity for which a license is required, including for "lending and
servicing, money
       transmission, virtual currency, and other related activities").
Management's Discussion and Analysis of Financial Condition and Results of
Operations,
page 133

19.    We note your response to prior comment 31 and revisions to pages
134-143. Please
       enhance your disclosures to provide more narrative explaining the
reasons behind
       period-over-period changes in material balance sheet line items and
noting whether
       such changes indicate an ongoing trend. As examples only, this might
include:
           an explanation of why loans held for sale at fair value (about 34%
of total assets
           at December 31, 2024) rose approximately 55% year-over-year (e.g.,
perhaps
           tying to specific business expansion efforts, etc.), as well as
quantitative and
           qualitative disclosure of any material concentrations (e.g.,
geographic, internal
           risk rating, etc.);
           an indication of why cash and cash equivalents (25% of total assets
at December
           31, 2024) more than doubled year-over-year (e.g., if applicable,
underlying
           strategic changes, activity in particular business(es), requirements
associated with
           YLDS, etc.); and
           a discussion of why payables to third-party loan owners increased
year-over-year.
Key Operating Metrics, page 136

20.    We note your response to prior comment 33. Please revise your key
operating metrics
 July 29, 2025
Page 6

       disclosures to separately quantify loan origination system volume for
the Figure-
       branded and the Partner-branded channels. In addition, please enhance
your revised
       disclosure discussing results of operations to quantify the amount of
each revenue
       component that is attributable to Figure-branded loans versus
Partner-branded loans
       (e.g., origination fees, gain amounts, etc.).
Gain on sale of loans, net, page 145

21.    Please expand your disclosure to better explain how you recognize gains
and fair
       value adjustments through Partner-branded channels, considering your
disclosure on
       pages 2, 134 and 168 that your partners use your technology to
independently
       originate loans.
Other expense, net, page 147

22.    We note your response to prior comment 44 and your revised disclosure on
pages 147
       and 152. Please revise your disclosure to identify the digital assets
and the
       investments that were written off and to discuss the underlying reasons
to support the
       amount and timing of these charges.
Credit Risk, page 165

23.    We note your disclosure on page 43 that as of March 31, 2025 and
December 31,
       2024, you did not hold the first lien on 94% and 91%, respectively, of
the HELOCs on
       your balance sheet. Please revise your disclosure to address how you
monitor credit
       risk on those loans for which the first lien is owned by others.
Business, page 167

24.    We note your response to prior comments 10 and 48 and the statement that
partners
       get to use LOS and the Figure Connect marketplace in exchange for fees.
Please
       describe the typical fee structure contained in your contractual
agreements with
       partners, including an explanation of each specific service activity
each category of
       fee is based on and whether they are calculated using percentages, per
transaction, or
       otherwise. Additionally, we note your reference on pages 2, 134, and 168
to
       DART Figure LOS. Please clarify how DART Figure LOS is the same or
differs from
       your DART platform and your LOS.
25.    Additionally, we note multiple references to "transparent and
homogeneous loan
       origination," "underwriting guidelines," "standardized assets," and
automated
       valuation models. You also refer to loans with "similar characteristics"
and "uniform"
       loans. Please revise to disclose, if true, that there are minimum
underwriting criteria
       for HELOC loans to qualify for your transparent and homogeneous
marketplace
       and/or your various platforms. If there are minimum FICO scores, LTVs,
loan size
       restrictions and/or other characteristics that you and your partners
(including Sixth
       Street) use in order to label a HELOC loan as qualifying, please revise
to disclose
       such characteristics.

       Alternatively, if there are no minimum underwriting criteria, explain
how the loans
       become standardized, homogeneous, uniform, etc. We also note that your
goals to
       expand into auto loans and other types of loans would involve a
"validator layer [that]
 July 29, 2025
Page 7

       will ensure the integrity of third-party loans by verifying that they
meet underwriting
       criteria." Please also revise to disclose the minimum underwriting
criteria for your
       expanded market to the extent they have been determined.
26.    We note your response to prior comment 51 indicating that (a) the
reference to
       shoulder to shoulder with institutions is "meant to convey the
accessibility and
       inclusivity of our platform," and (b) the forecasted monthly volume of
$1 billion in
       on-chain loans is based on several key assumptions. It is unclear in
what way your
       platform currently allows investors to lend alongside institutions and
"major hedge
       funds." Please revise to clarify, including, if true, that this is an
innovation you are
       planning for the future. Clarify who the parties are and the flow of
funds, including
       where you act as the borrower. Consider including a graphic to explain
the structure.
       Additionally, with a view to clarifying disclosure, please advise us of
the current
       monthly volume of on-chain loans. If you expand your disclosure to
address your
       expectation of $1 billion of monthly on-chain volume, identify and
describe the key
       assumptions, material barriers, and whether the key assumption are in
line with past
       trends or performances.
27.    We note your disclosure on page 2 and throughout that you pay a minimal
amount in
       the form of HASH for your use of the Provenance Blockchain. We also note
your
       disclosure on page 102 that participants incur certain    gas    fees in
connection with
       their use of the Provenance Blockchain, which are paid in the form of
HASH. Please
       revise your disclosure to quantify the minimal amount or indicate, if
true, that they are
       de minimis, and clarify the transaction fees that accrue for use of the
Provenance
       Blockchain, including by identifying the parties that must pay them and
how they are
       calculated.
28.    Please provide a brief description of the Provenance Blockchain and
HASH,
       including, but not limited to the validation process, the consensus
mechanism, the
       block size, transaction speed, how the native token HASH is minted and
burned, how
       your products such as DART and YLDS interact with the Provenance
Blockchain and
       the role of the Provenance Foundation.
Proprietary Loan Origination System, page 171

29.    We note your response to prior comment 49. With a view to clarifying
disclosure to
       the extent material, advise us if other FinTechs, online mortgage
originators or other
       platforms use similar third party services to determine property value,
income
       verification, and so forth. If the market for loans includes other
originators or
       platforms using such methods, revise to clarify the extent to which your
specific
       approach differs from that of other FinTechs and online platforms,
especially with
       respect to state/county lien registries that do not support remote
notary services or
       otherwise allow digital verification. Additionally, given the statement
on page 60 that
       you retain personal information, such as the investor   s name, address
and other
       contact information, tax identification number, and other identifying or
non-public
       information, "off-chain," please revise to qualify the statement on
pages 5 and 171
       that your capabilities are enhanced by "data immutability" and process
compliance,
       "as all loans and related data are recorded on a public blockchain."
Please revise
       similar statements elsewhere to clarify when your products and services
are not 100%
 July 29, 2025
Page 8

       digital or on the blockchain.
30.    Please revise to further clarify how you manage credit risk in
acquisitions and
       decisions whether to sell loans. For example, clarify how you "monitor
customer
       payment performance through our lending platform and utilize our
algorithms," as
       referenced on page 165. Clarify the extent to which your credit risk
monitoring tools
       are the same as the tools available to third parties that originate
loans using your
       platform.
Figure Exchange, page 174

31.    We note the revised disclosure on page 67 referring to the top seven
trading customers
       who accounted for 96% and 99% of the trading volume on Figure Exchange
during
       the three months ended March 31, 2025 and the year ended December 31,
2024,
       respectively. Please disclose the nature of the high-transaction volume
customers and
       clarify if you have agreements or arrangements with them. To provide
context for the
       Risk Factor, further clarify how the loss of these customers could have
an adverse
       effect on your business, financial condition, and results of operations.
32.    Please revise to describe the typical lenders and borrowers and clarify
the nature and
       incentives of the parties involved in Democratized Prime. You state that
users lend
       their assets or excess cash into the ecosystem at a market-clearing
rate. Please identify
       the assets that are most frequently used and explain the use cases for
       borrowers. Where you state "the user can choose the most appropriate and
efficient
       pool for their unique use case," further expand on and explain what this
means. What
       factors do users consider when choosing which pool is most efficient?
Please revise
       accordingly. Additionally, we note the social media post by a co-founder
stating that
       users can receive a "9% annual coupon with hourly liquidity." We also
note prices are
       set every hour in a Dutch-style auction. Please clarify the steps for
these auctions and
       any reference rates used, such as SOFR. Quantify average hourly rates as
of the most
       recently practicable date. Additionally, please clarify what you mean by
"assets under
       management" in the context of Democratized Prime and explain why you
have not
       generated any revenue despite having $.8 million assets under
management.
Origination and Distribution Marketplace, page 181

33.    We note your response to prior comment 22. Please describe in your
disclosure the
       material barriers to expansion of Figure Connect to accommodate the
various asset
       classes from third-parties. For example, it is unclear why you indicate
that auto loans
       are expected to be accommodated in the "near future," but that
apparently is not the
       case for personal loans or other types of loans you identify.
Additionally, we note the
       reference to DSCR and crypto-backed loans, which you indicate are
already supported
       by Figure Connect. Please further explain DSCR loans, including what
borrower
       information (e.g., proof of personal and/or rental income) is required
and, to provide
       context, please (a) describe the typical loan size and type of borrower
for each of these
       classes and (b) quantify the approximate percentage of these loans as
compared to
       your standard HELOC loans.
34.    We note your response to prior comment 23 regarding the take rate of
approximately
       4% based in part on historical revenue "comprised of ecosystem and
technology fees,
 July 29, 2025
Page 9

       origination fees, gain on sale, and capitalized servicing rights on a
per volume basis."
       Please revise to further clarify how you are defining and interpreting
historical
       revenue take rate in order to arrive at 4%. Additionally, please further
identify and
       explain the key assumptions. For example, it is unclear if the reference
to "targeted
       pricing" is meant to indicate that you assume prices will increase by a
certain amount.
Term Note, page 209

35.    We note your response to prior comment 54 and the revised disclosure
indicating that
       the note is interest bearing. Please disclose the key terms of the note,
such as for
       example the interest rate and terms. Please also file the note as an
exhibit to your
       filing. Additionally, we note the reference to the fair value of the
HASH token "to be
       determined or agreed upon" and the statement that you or FCC is
obligated to
       reimburse the Provenance Foundation an amount equal to the then-current
market
       value of HASH paid by Provenance Foundation to validators. Please revise
to disclose
       the amount that was "determined or agreed upon" and quantify the average
current
       market value of the HASH. Clarify why no reimbursements were made, as it
appears
       that HASH was required to be paid to validators.
Condensed Combined Consolidated Statements of Operations, page F-3

36.    Please revise your disclosure here and on page F-54 to include earnings
per share
       information for each period presented and to provide the disclosures
required by ASC
       260-10-50, or explain to us why you believe no historical earnings per
share
       information is required. Refer to ASC 260-10-15-2.
Risks and Uncertainties, page F-11

37.    We note your disclosure on pages 32 and 69 regarding a concentration of
partners
       accounting for a substantial portion of loan originations and a
concentration of
       purchasers of loans on the secondary market. We also note your
disclosure on page 57
       regarding a concentration of customers on Figure Exchange. Please revise
your
       disclosure on pages F-11 and F-61, or elsewhere in the financial
statement footnotes,
       to address any concentrations required by ASC 275-10-50-16.
Loan Repurchase Obligations, page F-40

38.    As it relates to your obligation to repurchase loans that are in early
payment default
       status, please revise your disclosure here and on page F-93, or
elsewhere as
       appropriate, to discuss how the specific repurchase price is determined
as well as how
       the respective loss on repurchase is determined.
Combined Consolidated Statements of Cash Flows, page F-56

39.    We note your disclosure on pages F-57 and F-80 regarding transfers of
loans from
       held for investment to held for sale during the years ending December
31, 2024 and
       2023. We further note that the cash flows related to these loans appear
to be classified
       as operating activities in the consolidated statement of cash flows.
Please tell us how
       you considered ASC 230-10-45-12(e) in determining whether the cash flows
from
       these loans should have been classified as cash flows from investing
activities.
 July 29, 2025
Page 10

Ecosystem Fees, page F-68

40.    We note your response to prior comment 57 and revised disclosures,
including that
       you provide certain loan originators access to your marketplace platform
in exchange
       for fees to use your technology for origination, and that your
performance obligation
       is satisfied when each loan is originated. Please enhance your
disclosures, here and in
       your interim footnotes, to clarify how long loan originators can access
your system
       without payment of ecosystem fees if they do not engage in a
transaction.
General

41.    We note your response to prior comment 62 and reissue the comment.
Please file the
       agreement with Anchorage Digital Bank or provide a detailed analysis
that addresses
       your facts and circumstances and supports your conclusion. Additionally,
please
       revise to disclose the annual fee based on the size of the collateral.
       Please contact Ben Phippen at 202-551-3697 or Cara Lubit at 202-551-5909
if you
have questions regarding comments on the financial statements and related
matters. Please
contact Madeleine Joy Mateo at 202-551-3465 or James Lopez at 202-551-3536 with
any
other questions.

                                                            Sincerely,

                                                            Division of
Corporation Finance
                                                            Office of Finance
cc:   Adam J. Gelardi, Esq.

```

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