2024-28107. Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To List and Trade Option Contracts on the iShares Bitcoin Trust, the Fidelity Wise Origin Bitcoin Fund, and the ARK21Shares ...

Bitcoin Fund	Shares outstanding
IBIT (as of 8/12/24)	611,040,000
FBTC (as of 8/7/24)	201,100,100
ARKB (as of 8/7/24)	45,495,000

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 Commentary .01(1) to Rule 915. 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.

Bitcoin Fund	Number of beneficial holders
IBIT	193,956 (as of 5/22/23).
FBTC	279,656 (as of 6/27/24).
ARKB	69,425 (as of 6/26/24).

Each Bitcoin Fund has significantly more than 2,000 beneficial holders, 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 Commentary .01(2) to Rule 915. 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. The total trading volume (by shares and notional) for these funds since they began trading and the average daily volume (“ADV”) over the 30-day period of July 9 through August 7, 2024, was as follows:

Bitcoin Fund	Trading volume (shares)	Trading volume (notional $)	ADV (shares)
IBIT (as of 5/13/24)	34,825,921	1,246,060,738	26,000,000
FBTC (as of 8/7/24)	1,112,861,581	250,354,755	6,014,335
ARKB (as of 8/7/24)	279,360,739	90,484,307	1,893,335