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 Bitwise Solana ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, 22139-22140 [2025-09254]

Download as PDF Federal Register / Vol. 90, No. 99 / Friday, May 23, 2025 / Notices Rebuttal comments should be submitted by June 27, 2025. whether to approve or disapprove the proposed rule change. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.65 Sherry R. Haywood, Assistant Secretary. II. 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 14.11(e)(4), which governs the listing and trading of Commodity-Based Trust Shares on the Exchange. The investment objective of the Trust is to seek to track the performance of SOL,8 as measured by the CME CF Solana-Dollar Reference Rate—New York Variant (‘‘Pricing Benchmark’’), adjusted for the Trust’s expenses and other liabilities.9 In seeking to achieve its investment objective, the Trust will hold SOL and will value its Shares daily as of 4:00 p.m. ET using the same methodology used to calculate the Pricing Benchmark.10 The Trust’s assets will only consist of SOL, cash, and cash equivalents.11 When the Trust sells or redeems its Shares, it will do so in cash transactions with authorized participants in blocks of 10,000 Shares.12 [FR Doc. 2025–09259 Filed 5–22–25; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–103063; File No. SR– CboeBZX–2025–012] 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 Bitwise Solana ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares May 19, 2025. I. Introduction On January 28, 2025, Cboe BZX Exchange, Inc. (‘‘BZX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to list and trade shares (‘‘Shares’’) of the Bitwise Solana ETF (‘‘Trust’’) under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares. The proposed rule change was published for comment in the Federal Register on February 18, 2025.3 On March 11, 2025, pursuant to Section 19(b)(2) 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 19(b)(2)(B) of the Act 6 to determine 65 17 CFR 200.30–3(a)(12), (57). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 102391 (Feb. 11, 2025), 90 FR 9772 (‘‘Notice’’). Comments received on the proposed rule change are available at: https://www.sec.gov/comments/sr-cboebzx-2025012/srcboebzx2025012.htm. 4 15 U.S.C. 78s(b)(2). 5 See Securities Exchange Act Release No. 102608, 90 FR 12422 (Mar. 17, 2025). The Commission designated May 19, 2025, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change. 6 15 U.S.C. 78s(b)(2)(B). ddrumheller on DSK120RN23PROD with NOTICES1 1 15 VerDate Sep<11>2014 16:58 May 22, 2025 Jkt 265001 III. Proceedings To Determine Whether To Approve or Disapprove SR– CboeBZX–2025–012 and Grounds for Disapproval Under Consideration The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act 13 to determine whether the proposed rule change should be approved or disapproved. Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, the Commission seeks and encourages interested persons to provide comments on the proposed rule change. Pursuant to Section 19(b)(2)(B) of the Act,14 the Commission is providing notice of the grounds for disapproval under consideration. The Commission is instituting proceedings to allow for 7 See Notice, supra note 3. Exchange states that SOL is a digital asset that is created and transmitted through the operations of the peer-to-peer Solana Network, a decentralized network of computers that operates on cryptographic protocols. See id. at 9773. 9 See id. at 9776. Bitwise Investment Advisers, LLC is the sponsor of the Trust, Delaware Trust Company is the trustee, and a third-party custodian will be responsible for custody of the Trust’s SOL. See id. at 9773, 9776. 10 See id. at 9776. 11 See id. 12 See id. 13 15 U.S.C. 78s(b)(2)(B). 14 Id. 8 The PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 22139 additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘‘designed to prevent fraudulent and manipulative acts and practices’’ and ‘‘to protect investors and the public interest.’’ 15 The Commission asks that commenters address the sufficiency of the Exchange’s statements in support of the proposal, which are set forth in the Notice, in addition to any other comments they may wish to submit about the proposed rule change. In particular, the Commission seeks comment on whether the proposal to list and trade Shares of the Trust, which would hold SOL, is designed to prevent fraudulent and manipulative acts and practices or raises any new or novel concerns not previously contemplated by the Commission. IV. Procedure: Request for Written Comments The Commission requests that interested persons provide written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal. In particular, the Commission invites the written views of interested persons concerning whether the proposal is consistent with Section 6(b)(5) or any other provision of the Act, and the rules and regulations thereunder. Although there do not appear to be any issues relevant to approval or disapproval that would be facilitated by an oral presentation of views, data, and arguments, the Commission will consider, pursuant to Rule 19b-4, any request for an opportunity to make an oral presentation.16 Interested persons are invited to submit written data, views, and arguments regarding whether the proposed rule change should be approved or disapproved by June 13, 2025. Any person who wishes to file a rebuttal to any other person’s submission must file that rebuttal by June 27, 2025. 15 15 U.S.C. 78f(b)(5). 19(b)(2) of the Act, as amended by the Securities Acts Amendments of 1975, Public Law 94–29 (June 4, 1975), grants the Commission flexibility to determine what type of proceeding— either oral or notice and opportunity for written comments—is appropriate for consideration of a particular proposal by a self-regulatory organization. See Securities Acts Amendments of 1975, Senate Comm. on Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975). 16 Section E:\FR\FM\23MYN1.SGM 23MYN1 22140 Federal Register / Vol. 90, No. 99 / Friday, May 23, 2025 / Notices Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION Electronic Comments [Release No. 34–103070; File No. S7–24– 89] • 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– CboeBZX–2025–012 on the subject line. Paper Comments ddrumheller on DSK120RN23PROD with NOTICES1 • 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–CboeBZX–2025–012. 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–CboeBZX–2025–012 and should be submitted on or before June 13, 2025. Rebuttal comments should be submitted by June 27, 2025. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.17 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2025–09254 Filed 5–22–25; 8:45 am] BILLING CODE 8011–01–P 17 17 CFR 200.30–3(a)(57). VerDate Sep<11>2014 16:58 May 22, 2025 Jkt 265001 Joint Industry Plan; Notice of Filing and Immediate Effectiveness of the Fifty-Third Amendment to the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis May 19, 2025. Pursuant to Section 11A of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 608 thereunder,2 notice is hereby given that on May 4, 2025, the Participants 3 in the Joint SelfRegulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for NasdaqListed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis (the ‘‘UTP Plan’’) filed with the Securities and Exchange Commission (‘‘Commission’’) a proposal to amend the UTP Plan. The amendment represents the Fifty-Third Amendment to the UTP Plan (‘‘Amendment’’). Under the Amendment, the Participants propose to amend the UTP Plan to reflect that NYSE Chicago, Inc. has changed its name to NYSE Texas, Inc. and to make changes to certain names and address of other exchanges.4 The proposed Amendment has been filed by the Participants pursuant to Rule 608(b)(3)(ii) under Regulation NMS 5 as concerned solely with the administration of the UTP Plan and as a ‘‘Ministerial Amendment’’ under Section XVI of the UTP Plan. As a result, the Amendment can be submitted by the Chair of the UTP 1 15 U.S.C. 78k–1(a)(3). CFR 242.608. 3 The Participants are: Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe Exchange, Inc., Financial Industry Regulatory Authority, Inc., Investors’ Exchange LLC, Long Term Stock Exchange, Inc., MEMX LLC, MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq PHLX, Inc., The Nasdaq Stock Market LLC, New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE National, Inc. 4 See Letter from Jeff Kimsey, Chair, to Vanessa Countryman, Secretary, Commission dated May 4, 2025. In addition to the change to reflect the name change of NYSE Chicago, Inc. to NYSE Texas, Inc., the Participants also propose to make changes to reflect the past name changes of AMEX to NYSE American and of NSX to NYSE National, as well as to update the address of NYSE National. 5 17 CFR 241.608(b)(2). 2 17 PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 Plan’s Operating Committee and becomes effective upon filing. The Commission is publishing this notice to solicit comments on the Amendment from interested persons. Set forth in Sections I and II is the statement of the purpose and summary of the Amendment, along with the information required by Rules 608(a) and 601(a) under the Act, as prepared and submitted by the Participants. I. Rule 608(a) 1. Purpose of the Amendment The above-captioned amendment effectuates a change to reflect the new name of NYSE Chicago, Inc.: NYSE Texas, Inc. The amendment also makes some changes to certain names of other exchanges. 2. Governing or Constituent Documents Not applicable. 3. Implementation of Amendment Because the amendment constitutes a ‘‘Ministerial Amendment’’ under Section XVI of the UTP Plan, the Chair of the UTP Plan’s Operating Committee may submit the amendment to the Commission on behalf of the Participants in the UTP Plan. Because the Participants designate the amendment as concerned solely with the administration of the UTP Plan, the amendment becomes effective upon filing with the Commission. 4. Development and Implementation Phases Not applicable. 5. Analysis of Impact on Competition The amendments do not impose any burden on competition because it simply effectuates changes in the names of a Participants to the UTP Plan. 6. Written Understanding or Agreements Relating to Interpretation of, or Participation in, Plan Not applicable. 7. Approval by Sponsors in Accordance With Plan See Item 3 above. 8. Description of Operation of Facility Contemplated by the Proposed Amendment Not applicable. 9. Terms and Conditions of Access Not applicable. 10. Method of Determination and Imposition, and Amount of, Fees and Charges Not applicable. E:\FR\FM\23MYN1.SGM 23MYN1

Agencies

[Federal Register Volume 90, Number 99 (Friday, May 23, 2025)]
[Notices]
[Pages 22139-22140]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-09254]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-103063; File No. SR-CboeBZX-2025-012]


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 Bitwise Solana ETF 
Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares

May 19, 2025.

I. Introduction

    On January 28, 2025, Cboe BZX Exchange, Inc. (``BZX'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to list and trade shares (``Shares'') of the 
Bitwise Solana ETF (``Trust'') under BZX Rule 14.11(e)(4), Commodity-
Based Trust Shares. The proposed rule change was published for comment 
in the Federal Register on February 18, 2025.\3\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 102391 (Feb. 11, 
2025), 90 FR 9772 (``Notice''). Comments received on the proposed 
rule change are available at: https://www.sec.gov/comments/sr-cboebzx-2025-012/srcboebzx2025012.htm.
---------------------------------------------------------------------------

    On March 11, 2025, pursuant to Section 19(b)(2) 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 19(b)(2)(B) 
of the Act \6\ to determine whether to approve or disapprove the 
proposed rule change.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 102608, 90 FR 12422 
(Mar. 17, 2025). The Commission designated May 19, 2025, as the date 
by which the Commission shall approve or disapprove, or institute 
proceedings to determine whether to disapprove, the proposed rule 
change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

II. 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 14.11(e)(4), 
which governs the listing and trading of Commodity-Based Trust Shares 
on the Exchange.
---------------------------------------------------------------------------

    \7\ See Notice, supra note 3.
---------------------------------------------------------------------------

    The investment objective of the Trust is to seek to track the 
performance of SOL,\8\ as measured by the CME CF Solana-Dollar 
Reference Rate--New York Variant (``Pricing Benchmark''), adjusted for 
the Trust's expenses and other liabilities.\9\ In seeking to achieve 
its investment objective, the Trust will hold SOL and will value its 
Shares daily as of 4:00 p.m. ET using the same methodology used to 
calculate the Pricing Benchmark.\10\ The Trust's assets will only 
consist of SOL, cash, and cash equivalents.\11\ When the Trust sells or 
redeems its Shares, it will do so in cash transactions with authorized 
participants in blocks of 10,000 Shares.\12\
---------------------------------------------------------------------------

    \8\ The Exchange states that SOL is a digital asset that is 
created and transmitted through the operations of the peer-to-peer 
Solana Network, a decentralized network of computers that operates 
on cryptographic protocols. See id. at 9773.
    \9\ See id. at 9776. Bitwise Investment Advisers, LLC is the 
sponsor of the Trust, Delaware Trust Company is the trustee, and a 
third-party custodian will be responsible for custody of the Trust's 
SOL. See id. at 9773, 9776.
    \10\ See id. at 9776.
    \11\ See id.
    \12\ See id.
---------------------------------------------------------------------------

III. Proceedings To Determine Whether To Approve or Disapprove SR-
CboeBZX-2025-012 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section 
19(b)(2)(B) of the Act \13\ to determine whether the proposed rule 
change should be approved or disapproved. Institution of proceedings is 
appropriate at this time in view of the legal and policy issues raised 
by the proposed rule change. Institution of proceedings does not 
indicate that the Commission has reached any conclusions with respect 
to any of the issues involved. Rather, the Commission seeks and 
encourages interested persons to provide comments on the proposed rule 
change.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    Pursuant to Section 19(b)(2)(B) of the Act,\14\ the Commission is 
providing notice of the grounds for disapproval under consideration. 
The Commission is instituting proceedings to allow for additional 
analysis of the proposed rule change's consistency with Section 6(b)(5) 
of the Act, which requires, among other things, that the rules of a 
national securities exchange be ``designed to prevent fraudulent and 
manipulative acts and practices'' and ``to protect investors and the 
public interest.'' \15\
---------------------------------------------------------------------------

    \14\ Id.
    \15\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission asks that commenters address the sufficiency of the 
Exchange's statements in support of the proposal, which are set forth 
in the Notice, in addition to any other comments they may wish to 
submit about the proposed rule change. In particular, the Commission 
seeks comment on whether the proposal to list and trade Shares of the 
Trust, which would hold SOL, is designed to prevent fraudulent and 
manipulative acts and practices or raises any new or novel concerns not 
previously contemplated by the Commission.

IV. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written 
submissions of their views, data, and arguments with respect to the 
issues identified above, as well as any other concerns they may have 
with the proposal. In particular, the Commission invites the written 
views of interested persons concerning whether the proposal is 
consistent with Section 6(b)(5) or any other provision of the Act, and 
the rules and regulations thereunder. Although there do not appear to 
be any issues relevant to approval or disapproval that would be 
facilitated by an oral presentation of views, data, and arguments, the 
Commission will consider, pursuant to Rule 19b-4, any request for an 
opportunity to make an oral presentation.\16\
---------------------------------------------------------------------------

    \16\ Section 19(b)(2) of the Act, as amended by the Securities 
Acts Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the 
Commission flexibility to determine what type of proceeding--either 
oral or notice and opportunity for written comments--is appropriate 
for consideration of a particular proposal by a self-regulatory 
organization. See Securities Acts Amendments of 1975, Senate Comm. 
on Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st 
Sess. 30 (1975).
---------------------------------------------------------------------------

    Interested persons are invited to submit written data, views, and 
arguments regarding whether the proposed rule change should be approved 
or disapproved by June 13, 2025. Any person who wishes to file a 
rebuttal to any other person's submission must file that rebuttal by 
June 27, 2025.

[[Page 22140]]

    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-CboeBZX-2025-012 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-CboeBZX-2025-012. 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-CboeBZX-2025-012 and should 
be submitted on or before June 13, 2025. Rebuttal comments should be 
submitted by June 27, 2025.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
---------------------------------------------------------------------------

    \17\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-09254 Filed 5-22-25; 8:45 am]
BILLING CODE 8011-01-P
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