<SEC-DOCUMENT>0001999371-24-000245.txt : 20240208
<SEC-HEADER>0001999371-24-000245.hdr.sgml : 20240208
<ACCEPTANCE-DATETIME>20240109095430
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001999371-24-000245
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Valkyrie Bitcoin Fund
		CENTRAL INDEX KEY:			0001841175
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 CRESCENT COURT, FLOOR 7
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		6063322201

	MAIL ADDRESS:	
		STREET 1:		100 CRESCENT COURT, FLOOR 7
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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  <TD STYLE="width: 50%">&nbsp;<IMG SRC="bitcoin-corresp_img01.jpg" ALT=""></TD>
  <TD STYLE="width: 17%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">Morrison C. Warren&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>
</TD>
  <TD STYLE="width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><B>Chapman and Cutler <FONT STYLE="font-size: 10pt">LLP</FONT></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">320 South Canal Street, 27th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">T (312)&nbsp;845-3484&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040">warren@chapman.com&nbsp;</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
9, 2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B><I><U>Via
EDGAR Correspondence</U></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United
States Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Crypto Assets<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valkyrie
Bitcoin Fund</FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File
                                            No.&nbsp;333-252344&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Mss. Bednarowski and Berkheimer:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
letter responds to your comments regarding amendment no. 6 to the registration statement filed on Form&nbsp;S-1 for the Valkyrie Bitcoin
Fund (the <I>&ldquo;Trust&rdquo;</I>) with the Staff of the Securities and Exchange Commission (the <I>&ldquo;Staff&rdquo;</I>) on January
8, 2024 (the <I>&ldquo;Registration Statement&rdquo;</I>). Capitalized terms used herein, but not otherwise defined, have the meanings
ascribed to them in the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comment
1 &ndash; General</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to meet your anticipated timing, please respond to these comments and amend your registration statement no later than 10:00 a.m.
(EST) on January 9, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Response
to Comment 1</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, on behalf of the Trust, acknowledges the deadline to respond to comments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comment
2 &ndash; General</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
add risk factor disclosure addressing the risks related to your Authorized Participants acting in the same capacity for several competing
products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="bitcoin-corresp_img02.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="bitcoin-corresp_img01.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">January 9, 2024 <BR>
Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Response
to Comment 2</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
disclosure has been revised in accordance with the Staff&rsquo;s comment. Please refer to the new risk factor: <B><I>The Authorized Participants
serve in such capacity for several competing exchange-traded bitcoin products, which could adversely affect the market for the Shares.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comment
3 &ndash; Calculation of NAV. The Secondary Index</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer
to your response to comment 7 in the correspondence filed for the Registration Statement on January 8, 2024. Please revise to disclose
the exchanges used in the Secondary Index and disclose how these exchanges are selected. In addition, please describe how the characteristics
(oversight, microstructure and technology) are evaluated and weighted in Step 1, disclose the evaluation window for Step 3 and clarify
how the &ldquo;executed exchange price&rdquo; is determined. Further, please disclose how the Sponsor will notify investors of any material
adjustments to the Secondary Index, including a change in methodology or a change in the exchanges, and disclose here and in your risk
factor on page 46 the date that the Secondary Index was first launched.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Response
to Comment 3</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
disclosure has been revised in accordance with the Staff&rsquo;s comment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comment
4 &ndash; The Sponsor. Relationship to CoinShares</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
revise to disclose when CoinShares International Limited&rsquo;s option expires.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Response
to Comment 4</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
disclosure has been revised to disclose when CoinShares International Limited&rsquo;s option expires. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comment
5 &ndash; Description of Creation and Redemption of Shares. Redemption Procedures</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
revise to disclose here what happens if there is a difference between the price received for the bitcoin in connection with redemptions
and the valuation of bitcoin as part of the Trust&rsquo;s NAV calculation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="bitcoin-corresp_img01.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 9, 2024 <BR>
Page 3&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Response
to Comment 5</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
disclosure has been revised to disclose what happens if there is a difference between the price received for the bitcoin in connection
with redemptions and the valuation of bitcoin as part of the Trust&rsquo;s NAV calculation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comment
6 &ndash; Governing Law; Consent to Jurisdiction</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer
to your response to comment 10 in the correspondence filed for the Registration Statement on January 8, 2024. You disclose here that
&ldquo;[t]he Sponsor, the Trust and DTC and, by accepting Shares, each DTC Participant and each Shareholder consent to the exclusive jurisdiction
of the courts of the State of Delaware and any federal courts located in Delaware, provided that (i) the forum selection provisions do
not apply to suits brought to enforce a duty or liability created by the Exchange Act or any other claim for which the federal courts
have exclusive jurisdiction and (ii) the federal district courts of the United States of America shall be the exclusive forum for the
resolution of any complaint asserting a cause of action arising under the Securities Act, or the rules and regulations promulgated thereunder.&rdquo;
This provision, however, does not appear in your governing documents. Please either revise your governing documents to include this provision
or revise to remove this disclosure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Response
to Comment 6</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: justify; text-indent: -84.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
disclosure referenced on page 87 has been removed from the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 5pt">*******</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
call me at (312)&nbsp;845-3484 if you have any questions or issues you would like to discuss regarding these matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Chapman and Cutler
  llp</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#9;</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Morrison
  C. Warren</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Morrison C. Warren</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>

    <!-- Field: /Page -->


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<FILENAME>bitcoin-corresp_img02.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
