2024-27996. Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To List and Trade Option Contracts on the Grayscale Fund, the Grayscale Bitcoin Mini Trust BTC, and the Bitwise Bitcoin ...

Bitcoin Fund	Shares outstanding	Market value (8/30/2024)
GBTC	284,570,100	$13,443,091,524
BTC	366,950,100	1,930,157,526
BITB	68,690,000	2,221,640,670

As shown above, each of the Bitcoin Funds had significantly more than 7,000,000 shares outstanding, which is the minimum number of shares of a corporate stock that the Exchange generally requires to list options on that stock pursuant to the Exchange's rules. The Exchange believes this demonstrates that each Bitcoin Fund is characterized by a substantial number of outstanding shares.

Further, the below table contains information regarding the number of beneficial holders of the Bitcoin Funds as of August 14, 2024.

Bitcoin Fund	Beneficial holders (8/14/24)
GBTC	464,364
BTC	13,403
BITB	75,437

( print page 94841)

As this table shows, each Bitcoin Fund has significantly more than 2,000 beneficial holders (approximately 232, 7, and 38 times more, respectively), which is the minimum number of holders the Exchange generally requires for corporate stock in order to list options on that stock pursuant to pursuant to the Exchange's rules. Therefore, the Exchange believes the shares of each Bitcoin Fund are widely held.

In addition, the Exchange believes the shares of each Bitcoin Fund are actively traded. Further, as of September 30, 2024, the total trading volume (by shares and notional) for these funds since they began trading ^[15] and the average daily volume (“ADV”) over the 30-day period of September 1 through September 30, 2024, was as follows:^[16]

Bitcoin Fund	Trading volume (Shares)	Trading volume (Notional $)	ADV (shares)
GBTC	1,803,567,700	93,472,544,497	3,266,138
BTC	335,492,930	1,792,866,521	6,838,546
BITB	434,815,840	14,433,361,384	1,949,835