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Federal Register / Vol. 86, No. 164 / Friday, August 27, 2021 / Notices
obligated to ensure that the amount of regulatory revenue collected from the ORF, in combination with its other regulatory fees and fines, does not exceed regulatory costs.
C. Self-Regulatory Organizations Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19b3Aii of the Act,21 and Rule 19b4f2 22 thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or 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 is consistent with the Act.
Comments may be submitted by any of the following methods:

lotter on DSK11XQN23PROD with NOTICES1

Electronic Comments Use the Commissions internet comment form http www.sec.gov/
rules/sro.shtml; or Send an email to rule-comments@
sec.gov. Please include File No. SR
EMERALD202127 on the subject line.
Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 205491090.
All submissions should refer to File No.
SREMERALD202127. 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 Commissions internet website http 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 Commissions Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change.
Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File No.
SREMERALD202127, and should be submitted on or before September 17, 2021.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.23
Jill M. Peterson, Assistant Secretary.
FR Doc. 202118462 Filed 82621; 8:45 am
SECURITIES AND EXCHANGE
COMMISSION
Release No. 3492721; File No. SR
CboeBZX2021039

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the Wise Origin Bitcoin Trust Under BZX Rule 14.11e4, CommodityBased Trust Shares August 23, 2021.

On May 10, 2021, Cboe BZX
Exchange, Inc. BZX or Exchange filed with the Securities and Exchange Commission Commission, pursuant to Section 19b1 of the Securities Exchange Act of 1934 Act 1 and Rule 19b4 thereunder,2 a proposed rule change to list and trade shares Shares of the Wise Origin Bitcoin Trust Trust under BZX Rule CFR 200.303a12.
U.S.C. 78sb1.
2 17 CFR 240.19b4.

U.S.C. 78sb3Aii.
22 17 CFR 240.19b4f2.

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I. Summary of the Proposal As described in more detail in the Notice,7 the Exchange proposes to list and trade the Shares of the Trust under BZX Rule 14.11e4, which governs the listing and trading of Commodity-Based Trust Shares on the Exchange.
The investment objective of the Trust would be to seek to track the performance of bitcoin, as measured by the Fidelity Bitcoin Index PR Index, adjusted for the Trusts expenses and other liabilities.8 Each Share will represent a fractional undivided beneficial interest in and ownership of the Trust. The Trusts assets will consist of bitcoin held by the Custodian on behalf of the Trust. The Trust generally does not intend to hold cash or cash equivalents. However, there may be situations where the Trust will
BILLING CODE 801101P

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14.11e4, Commodity-Based Trust Shares. The proposed rule change was published for comment in the Federal Register on June 1, 2021.3
On July 13, 2021, pursuant to Section 19b2 of the Act,4 the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.5 This order institutes proceedings under Section 19b2B of the Act 6 to determine whether to approve or disapprove the proposed rule change.

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3 See Securities Exchange Act Release No. 91994
May 25, 2021, 86 FR 29321 June 1, 2021
Notice. Comments on the proposed rule change can be found at: https www.sec.gov/comments/srcboebzx-2021-039/srcboebzx2021039.htm.
4 15 U.S.C. 78sb2.
5 See Securities Exchange Act Release No. 92388
July 13, 2021, 86 FR 38163 July 19, 2021. The Commission designated August 30, 2021, as the date by which it should approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change.
6 15 U.S.C. 78sb2B.
7 See Notice, supra note 3.
8 FD Funds Management LLC Sponsor is the sponsor of the Trust, Delaware Trust Company is the trustee, and Fidelity Service Company, Inc. will be the administrator Administrator. A thirdparty transfer agent will facilitate the issuance and redemption of Shares of the Trust, respond to correspondence by Trust shareholders and others relating to its duties, maintain shareholder accounts, and make periodic reports to the Trust.
An affiliate of the Sponsor, Fidelity Distributors Corporation, will be the marketing agent in connection with the creation and redemption of baskets of Shares, and the Sponsor will provide assistance in the marketing of the Shares. Fidelity Digital Asset Services, LLC will serve as the Trusts custodian Custodian. The Index methodology was developed by Fidelity Product Services, LLC
and is administered by the Fidelity Index Committee. Coin Metrics, Inc. is the third-party calculation agent for the Index. The Sponsors affiliates have an ownership interest in Coin Metrics, Inc. See id. at 29321, 29327 n.57, 29328
29.

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