0000000000-24-000280.txt : 20240208 0000000000-24-000280.hdr.sgml : 20240208 20240108183605 ACCESSION NUMBER: 0000000000-24-000280 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20240108 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Invesco Galaxy Bitcoin ETF CENTRAL INDEX KEY: 0001855781 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: 333-255175 BUSINESS ADDRESS: STREET 1: 107 GRAND STREET, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: 212-390-9216 MAIL ADDRESS: STREET 1: 107 GRAND STREET, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10013 FORMER COMPANY: FORMER CONFORMED NAME: Galaxy Bitcoin ETF DATE OF NAME CHANGE: 20210408 PUBLIC REFERENCE ACCESSION NUMBER: 0000950103-21-005427 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4*)>+CS],*,2 P(&]B:@H\/"]#;VQO7!E+UA/8FIE8W0O5VED=&@@,30R."],96YG=&@@,S8U+T)I='-097)# M;VUP;VYE;G0@.#X^7M0Q1$1$1$1$1&3"Q\<'QA6_?__&K *98K_? 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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. Unless we note otherwise, any references to prior comments are to comments in our January 5, 2024 letter. Amendment No. 5 to Registration Statement on Form S-1 General 1. We note your response to prior comment 1 and we reissue the comment. In a pre-effective amendment, please update your EDGAR offering data header tags to reflect that you are registering an indeterminate number of securities in accordance with Rules 456(d) and 457(u). Anna Paglia FirstName LastNameAnna Invesco Galaxy Bitcoin ETFPaglia Comapany January NameInvesco Galaxy Bitcoin ETF 8, 2024 January Page 2 8, 2024 Page 2 FirstName LastName 2. In order to meet your anticipated timing, please respond to these comments and amend your registration statement no later than 10:00 a.m. (EST) on January 9, 2024. Prospectus Summary The Trust's Service Providers Authorized Participants, page 7 3. We note the revisions you made in response to prior comment 4 and we reissue the comment in part. Please revise here, and elsewhere in your prospectus as appropriate, to clarify, if true, that neither the Trust nor the Execution Agent have contractual arrangements with any particular Bitcoin Counterparties and that the Trust is not able to identify any particular Bitcoin Counterparties that may be selected by the Execution Agent at this time. Please also tell us how you expect to update your disclosure and inform investors once the Execution Agent has identified and selected particular Bitcoin Counterparties. In addition, please also clarify whether and to what extent any of the Bitcoin Counterparties are affiliated with or have any material relationships with any of the Authorized Participants. Risk Factors, page 14 4. Please add risk factor disclosure addressing the risks related to your Authorized Participants acting in the same capacity for several competing products. The Execution Agent may route orders, page 26 5. We note that you use the defined term "Connected Trading Venues" in this risk factor disclosure about your Execution Agent, without identifying any specific venues. We also note that you use the same defined term on page 83 when discussing prime broker services to be provided by Coinbase, and in that instance, you list specific trading venues. Please revise to reconcile your use of this defined term and clarify whether Coinbase and the Execution Agent have identified the same trading venues. Please contact David Irving at 202-551-3321 or Robert Telewicz at 202-551-3438 if you have questions regarding comments on the financial statements and related matters. Please contact David Gessert at 202-551-2326 or Justin Dobbie at 202-551-3469 with any other questions. Sincerely, Division of Corporation Finance Office of Crypto Assets cc: Paulita Pike