CLIFFORD CHANCE US LLP
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Mr. Justin Dobbie, Esq. Ms. Sonia Bednarowski, Esq. Office of Crypto Assets United States Securities and Exchange Commission Division of Corporation Finance 100 F Street, N.E. Washington, D.C. 20549 | Direct Dial: +1 212 878-3180 E-mail: clifford.cone@cliffordchance.com
January 9, 2023 |
Re: | iShares® Bitcoin Trust |
Amendment No. 8 to Registration Statement on Form S-1
File No. 333-272680
Dear Mr. Dobbie and Ms. Bednarowski:
On behalf of our client, the iShares Bitcoin Trust (the “Trust”), we transmit for filing under the Securities Act of 1933, as amended, the Trust’s Amendment No. 8 to Registration Statement on Form S-1 (the “Amended Registration Statement”) relating to the initial public offering of the the Trust’s shares representing fractional undivided beneficial interests in its net assets.
The Trust supplementally advises the Staff that the only changes to this Amended Registration Statement are the following:
1. | to lower the Sponsor’s Fee from 0.30% of the net asset value of the Trust to 0.25% of the net asset value of the Trust; |
2. | to adjust the fee waiver from 0.20% of the net asset value of the Trust for the first $5.0 billion of the Trust’s assets to 0.12% of the net asset value of the Trust for the first $5.0 billion of the Trust’s assets (the term of the fee waiver remains unchanged and will be in effect for a twelve-month period commencing on the day the Shares are initially listed on NASDAQ); and |
3. | to update the “Hypothetical Calculation of NAV” chart on page 67 of the prospectus to reflect the foregoing Sponsor’s Fee and fee waiver adjustments. |
If you have any questions regarding the foregoing, please do not hesitate to call me at (212) 878-3180.
![]() | CLIFFORD CHANCE US LLP |
Mr. Justin Dobbie, Esq.
Ms. Sonia Bednarowski, Esq.
United States Securities and Exchange Commission
January 9, 2023
Page 2
Sincerely,
/s/ Clifford R. Cone
Clifford R. Cone |
cc: | Marisa Rolland, BlackRock, Inc. |
Adithya Attawar, BlackRock, Inc.
Jason D. Myers, Clifford Chance US LLP
Tae Ho Cho, Clifford Chance US LLP
Jesse Overall, Clifford Chance US LLP
Etherial Edetan, Clifford Chance US LLP