Moon_Hodler on Nostr: From the Form S-1 iShares Bitcoin Trust application: The Trust was formed as a ...
From the Form S-1 iShares Bitcoin Trust application:
The Trust was formed as a Delaware statutory trust on June 8, 2023. The purpose of the Trust is to own #bitcoin transferred to the Trust in exchange for Shares issued by the Trust. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of bitcoin held by the Bitcoin Custodian on behalf of the Trust.
The Sponsor of the Trust is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company and an indirect subsidiary of BlackRock, Inc. (“BlackRock”). The Shares are not obligations of, and are not guaranteed by, iShares Delaware Trust Sponsor LLC, or any of its subsidiaries or affiliates.
The Trust is governed by the provisions of the Amended and Restated Trust Agreement (the “Trust Agreement”) executed as of [ ], 2023 by the Sponsor, the Trustee and the Delaware Trustee.
The Trust issues Shares only in Baskets of 40,000 or integral multiples thereof. Baskets may be redeemed by the Trust in exchange for the amount of bitcoin corresponding to their redemption value. Individual Shares will not be redeemed by the Trust but will be listed and traded on NASDAQ under the ticker symbol “[ ].” The Trust seeks to reflect generally the performance of the price of bitcoin. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The material terms of the Trust are discussed in greater detail under the section “Description of the Shares and the Trust Agreement.” The Trust is not a registered investment company under the Investment Company Act and is not required to register under the Investment Company Act. The Sponsor is not registered with the SEC as an investment adviser and is not subject to regulation by the SEC as such in connection with its activities with respect to the Trust. The Trust is not a commodity pool for purposes of the CEA, and the Sponsor is not subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in connection with its activities with respect to the Trust.
The Trust intends to continuously offer Shares but may suspend issuances of Shares at any time.
The Trust was formed as a Delaware statutory trust on June 8, 2023. The purpose of the Trust is to own #bitcoin transferred to the Trust in exchange for Shares issued by the Trust. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of bitcoin held by the Bitcoin Custodian on behalf of the Trust.
The Sponsor of the Trust is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company and an indirect subsidiary of BlackRock, Inc. (“BlackRock”). The Shares are not obligations of, and are not guaranteed by, iShares Delaware Trust Sponsor LLC, or any of its subsidiaries or affiliates.
The Trust is governed by the provisions of the Amended and Restated Trust Agreement (the “Trust Agreement”) executed as of [ ], 2023 by the Sponsor, the Trustee and the Delaware Trustee.
The Trust issues Shares only in Baskets of 40,000 or integral multiples thereof. Baskets may be redeemed by the Trust in exchange for the amount of bitcoin corresponding to their redemption value. Individual Shares will not be redeemed by the Trust but will be listed and traded on NASDAQ under the ticker symbol “[ ].” The Trust seeks to reflect generally the performance of the price of bitcoin. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The material terms of the Trust are discussed in greater detail under the section “Description of the Shares and the Trust Agreement.” The Trust is not a registered investment company under the Investment Company Act and is not required to register under the Investment Company Act. The Sponsor is not registered with the SEC as an investment adviser and is not subject to regulation by the SEC as such in connection with its activities with respect to the Trust. The Trust is not a commodity pool for purposes of the CEA, and the Sponsor is not subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in connection with its activities with respect to the Trust.
The Trust intends to continuously offer Shares but may suspend issuances of Shares at any time.