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Federal Register / Vol. 86, No. 149 / Friday, August 6, 2021 / Notices Oversight Board for final decision and action. The Price Integrity Oversight Board may choose to pick an alternative primary market and may exclude such market from future inclusion in the Index methodology or choose to stand by the original published price upon fully evaluating all available evidence. It may also initiate an investigation of prior prices from such market and shall evaluate evidence presented on a caseby-case basis.

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Availability of Information In addition to the price transparency of the Index, the Trust will provide information regarding the Trusts bitcoin holdings as well as additional data regarding the Trust. The Trust will provide an Intraday Indicative Value IIV per Share updated every 15
seconds, as calculated by the Exchange or a third-party financial data provider during the Exchanges Regular Trading Hours 9:30 a.m. to 4:00 p.m. E.T.. The IIV will be calculated by using the prior days closing NAV per Share as a base and updating that value during Regular Trading Hours to reflect changes in the value of the Trusts bitcoin holdings during the trading day.
The IIV disseminated during Regular Trading Hours should not be viewed as an actual real-time update of the NAV, which will be calculated only once at the end of each trading day. The IIV will be widely disseminated on a per Share basis every 15 seconds during the Exchanges Regular Trading Hours by one or more major market data vendors.
In addition, the IIV will be available through on-line information services.
The website for the Trust, which will be publicly accessible at no charge, will contain the following information: a The current NAV per Share daily and the prior business days NAV and the reported closing price; b the BZX
Official Closing Price 64 in relation to the NAV as of the time the NAV is calculated and a calculation of the premium or discount of such price against such NAV; c data in chart form displaying the frequency distribution of discounts and premiums of the Official Closing Price against the NAV, within appropriate ranges for each of the four previous calendar quarters or for the life of the Trust, if shorter; d the prospectus; and e other applicable quantitative information. The Trust will also disseminate the Trusts holdings on a daily basis on the Trusts website. The price of bitcoin will be made available 64 As defined in Rule 11.23a3, the term BZX
Official Closing Price shall mean the price disseminated to the consolidated tape as the market center closing trade.

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by one or more major market data vendors, updated at least every 15
seconds during Regular Trading Hours.
Information about the Index, including key elements of how the Index is calculated, will be publicly available at https www.spglobal.com/spdji/en/
indices/digital-assets/sp-bitcoin-index/.
The NAV for the Trust will be calculated by the Administrator once a day and will be disseminated daily to all market participants at the same time.
Quotation and last-sale information regarding the Shares will be disseminated through the facilities of the Consolidated Tape Association CTA.
Quotation and last sale information for bitcoin is widely disseminated through a variety of major market data vendors, including Bloomberg and Reuters, as well as the Index.
Information relating to trading, including price and volume information, in bitcoin is available from major market data vendors and from the exchanges on which bitcoin are traded.
Depth of book information is also available from bitcoin exchanges. The normal trading hours for bitcoin exchanges are 24 hours per day, 365
days per year.
Net Asset Value NAV means the total assets of the Trust including, but not limited to, all bitcoin and cash less total liabilities of the Trust, each determined on the basis of generally accepted accounting principles. The Administrator determines the NAV of the Trust on each day that the Exchange is open for regular trading, as promptly as practical after 4:00 p.m. EST. The NAV of the Trust is the aggregate value of the Trusts assets less its estimated accrued but unpaid liabilities which include accrued expenses. In determining the Trusts NAV, the Administrator values the bitcoin held by the Trust based on the price set by the Index as of 4:00 p.m.
EST. The Administrator also determines the NAV per Share.
Creation and Redemption of Shares According to the Registration Statement, on any business day, an authorized participant may place an order to create one or more baskets.
Purchase orders must be placed by 4:00
p.m. Eastern Time, or the close of regular trading on the Exchange, whichever is earlier. The day on which an order is received is considered the purchase order date. The total deposit of bitcoin required is an amount of bitcoin that is in the same proportion to the total assets of the Trust, net of accrued expenses and other liabilities, on the
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date the order to purchase is properly received, as the number of Shares to be created under the purchase order is in proportion to the total number of Shares outstanding on the date the order is received. Each night, the Sponsor will publish the amount of bitcoin that will be required in exchange for each creation order. The Administrator determines the required deposit for a given day by dividing the number of bitcoin held by the Trust as of the opening of business on that business day, adjusted for the amount of bitcoin constituting estimated accrued but unpaid fees and expenses of the Trust as of the opening of business on that business day, by the quotient of the number of Shares outstanding at the opening of business divided by 5,000.
The procedures by which an authorized participant can redeem one or more Creation Baskets mirror the procedures for the creation of Creation Baskets.
Rule 14.11e4Commodity-Based Trust Shares The Shares will be subject to BZX
Rule 14.11e4, which sets forth the initial and continued listing criteria applicable to Commodity-Based Trust Shares. The Exchange will obtain a representation that the Trusts NAV will be calculated daily and that these values and information about the assets of the Trust will be made available to all market participants at the same time.
The Exchange notes that, as defined in Rule 14.11e4Ci, the Shares will be:
a Issued by a trust that holds a specified commodity 65 deposited with the trust; b issued by such trust in a specified aggregate minimum number in return for a deposit of a quantity of the underlying commodity; and c when aggregated in the same specified minimum number, may be redeemed at a holders request by such trust which will deliver to the redeeming holder the quantity of the underlying commodity.
Upon termination of the Trust, the Shares will be removed from listing.
The Trustee, Delaware Trust Company, is a trust company having substantial capital and surplus and the experience and facilities for handling corporate trust business, as required under Rule 14.11e4Eiva and that no change will be made to the trustee without prior notice to and approval of the Exchange.
The Exchange also notes that, pursuant to Rule 14.11e4F, neither the Exchange nor any agent of the Exchange 65 For purposes of Rule 14.11e4, the term commodity takes on the definition of the term as provided in the Commodity Exchange Act. As noted above, the CFTC has opined that Bitcoin is a commodity as defined in Section 1a9 of the Commodity Exchange Act. See Coinflip.

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