FF2K on Nostr: FF2K Nakomotoville 6-21-2023 U.S. Securities and Exchange Commission Division of ...

FF2K
Nakomotoville
6-21-2023

U.S. Securities and Exchange Commission
Division of Investment Management
100 F Street, NE
Washington, DC 20549

Subject: Application for Approval of FF2K Bitcoin Trust ETF

Dear Sir/Madam,

I am writing to submit an application for the approval of FF2K Bitcoin Trust Exchange-Traded Fund (ETF) under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder.

1. Applicant Information:
- Applicant Name: [Your Name]
- Applicant Address: [Your Address]
- Contact Person: [Your Name]
- Contact Phone Number: [Phone Number]
- Contact Email Address: [Email Address]

2. Overview of FF2K Bitcoin Trust:
The FF2K Bitcoin Trust (hereinafter referred to as "the Trust") is a closed-end investment trust designed to track the performance of Bitcoin, the world's largest and most recognized cryptocurrency. The Trust seeks to provide investors with a convenient and efficient way to gain exposure to Bitcoin through an exchange-traded fund structure. The Trust will hold Bitcoin as its sole asset and its shares will be listed and traded on a national securities exchange.

3. Investment Objective:
The investment objective of the FF2K Bitcoin Trust is to provide investors with exposure to the performance of Bitcoin, as measured by the FF2K Bitcoin Index, before expenses and liabilities of the Trust.

4. Investment Strategy:
The Trust will invest in Bitcoin with the goal of reflecting the price movement of Bitcoin by holding a fixed quantity of Bitcoin. The Trust will employ strict security measures to ensure the safe storage and custody of the Bitcoin holdings. The Trust will employ an authorized participant system to create and redeem shares, ensuring the efficient creation and redemption process.

5. Pricing and Valuation:
The net asset value (NAV) of the Trust's shares will be calculated based on the value of the Trust's Bitcoin holdings, less accrued expenses and liabilities. The Trust will determine the NAV at the close of each business day. The price at which the shares will be traded on the exchange will be based on market demand and supply, subject to certain restrictions and regulations.

6. Operational Structure:
The Trust will appoint a qualified custodian to hold the Bitcoin on behalf of the Trust. The custodian will employ robust security measures, including multi-signature technology and offline storage, to ensure the safekeeping of the Bitcoin holdings. The Trust will also engage the services of a reputable administrator, transfer agent, and other service providers to facilitate the smooth operation of the Trust.

7. Regulatory Compliance:
The Trust will comply with all applicable federal securities laws, including the reporting and disclosure requirements imposed by the Securities and Exchange Commission (SEC). The Trust will provide regular financial reports and disclosures to investors and the SEC, ensuring transparency and compliance with regulatory obligations.

8. Conclusion:
The FF2K Bitcoin Trust offers investors a regulated and efficient vehicle to gain exposure to Bitcoin through an exchange-traded fund structure. The Trust's investment objective, strategy, and operational framework align with the requirements and standards set forth by the SEC. We believe that the approval of the FF2K Bitcoin Trust ETF will benefit investors by providing them with a secure and transparent investment option in the emerging cryptocurrency market.

Thank you for considering our application. We are available to provide any additional information or clarification you may require. We look forward to your favorable response.

Sincerely,

[Your Name]
[Your Title]
[Your Company Name]