0000000000-24-011880.txt : 20241218 0000000000-24-011880.hdr.sgml : 20241218 20241024093608 ACCESSION NUMBER: 0000000000-24-011880 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20241024 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: CoinShares Valkyrie Bitcoin Fund CENTRAL INDEX KEY: 0001841175 STANDARD INDUSTRIAL CLASSIFICATION: [6221] ORGANIZATION NAME: 09 Crypto Assets IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD SEC FILE NUMBER: 333-252344 BUSINESS ADDRESS: STREET 1: 320 SEVEN SPRINGS WAY STREET 2: SUITE 250 CITY: BENTWOOD STATE: TN ZIP: 37027 BUSINESS PHONE: 800-617-0004 MAIL ADDRESS: STREET 1: 320 SEVEN SPRINGS WAY STREET 2: SUITE 250 CITY: BENTWOOD STATE: TN ZIP: 37027 FORMER COMPANY: FORMER CONFORMED NAME: Coinshares Valkyrie Bitcoin Fund DATE OF NAME CHANGE: 20240612 FORMER COMPANY: FORMER CONFORMED NAME: Valkyrie Bitcoin Fund DATE OF NAME CHANGE: 20210120 PUBLIC REFERENCE ACCESSION NUMBER: 0001999371-24-013008 LETTER 1 filename1.pdf begin 644 filename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M M M M M M M #/ %&5NID*96YD M')E9@HR.#@Q- HE)45/1@H! end TEXT-EXTRACT 2 filename2.txt October 24, 2024 Charles Butler Principal Financial Officer CoinShares Valkyrie Bitcoin Fund c/o CoinShares Co. 437 Madison Avenue, 28th Floor New York, NY 10022 Re: CoinShares Valkyrie Bitcoin Fund Post-Effective Amendment No. 4 to Registration Statement on Form S-1 Filed October 4, 2024 File No. 333-252344 Dear Charles Butler: We have reviewed your post-effective amendment and have the following comments. Please respond to this letter by amending your registration statement and providing the requested information. 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 any amendment to your registration statement and the information you provide in response to this letter, we may have additional comments. Post-Effective Amendment No. 4 to Registration Statement on Form S-1 Risk Factors Related to the Bitcoin Network and Bitcoins Anonymity and illicit financing risk, page 20 1. Please expand your disclosure to describe the AML, KYC and any other procedures conducted by the Sponsor and the Custodians to determine, among other things, whether the counter-party in any transactions is not a sanctioned entity. To the extent that the Sponsor or Custodians may not know the counter-party, please add risk factor disclosure regarding the potential risk of transactions with a sanctioned entity and the impact if such a transaction occurs. October 24, 2024 Page 2 The Prime Broker and the Trade Credit Lender Prime Broker, page 74 2. We note your disclosure that the Prime Broker may be a Bitcoin Trading Counterparty in connection with creations and redemptions of Baskets. Please expand to discuss potential conflicts of interest associated with the Prime Broker acting in these dual capacities and include related risk factor disclosure. We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Please contact David Gessert at 202-551-2326 or Sonia Bednarowski at 202-551-3666 with any other questions. Sincerely, Division of Corporation Finance Office of Crypto Assets cc: Morrison C. Warren, Esq.