SecProbe.io

CORRESP
 1
 filename1.htm

 CORRESP

 April 14, 2026 VIA EDGAR Securities and Exchange Commission Division of Corporation Finance 100 F Street, N.E. Washington, D.C. 20549 Attn: Justin Dobbie Re: Grayscale Solana Staking ETF Registration Statement on Form S-1 (File No. 333-286374)   REQUEST FOR ACCELERATION OF EFFECTIVENESS Ladies and Gentlemen: Pursuant to Rule 461 promulgated under the Securities Act of 1933, as amended, Grayscale Investments Sponsors, LLC, a Delaware limited liability company and the sponsor of Grayscale Solana Staking ETF (the “Trust”), hereby requests that the Trust’s Registration Statement on Form S-1 (File No. 333-286374) (as amended) (the “Registration Statement”), be declared effective at 4:30 p.m., Eastern Time, on April 16, 2026, or as soon thereafter as practicable. Once the Registration Statement is effective, please orally confirm the event with our counsel, Davis Polk & Wardwell LLP by calling Joseph A. Hall at (212) 450-4565 or Dan Gibbons at (212) 450-3222. We also respectfully request that a copy of the written order from the Commission verifying the effective time and date of the Registration Statement be sent to me by email at legal@grayscale.com and to our counsel, Joseph A. Hall at joseph.hall@davispolk.com or Dan Gibbons at dan.gibbons@davispolk.com.

 Very truly yours, GRAYSCALE INVESTMENTS SPONSORS, LLC, as Sponsor of Grayscale Solana Staking ETF

 By:
 /s/ Craig Salm

 Name:
 Craig Salm

 Title:
 Chief Legal Officer

<SEC-DOCUMENT>0001896677-25-000010.txt : 20260709
<SEC-HEADER>0001896677-25-000010.hdr.sgml : 20260709
<ACCEPTANCE-DATETIME>20250829164140
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001896677-25-000010
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250829

FILER:

	COMPANY DATA:
		COMPANY CONFORMED NAME:			Grayscale Solana Trust (SOL)
		CENTRAL INDEX KEY:			0001896677
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				876771043
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:
		STREET 1:		290 HARBOR DRIVE
		STREET 2:		4TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
		BUSINESS PHONE:		212-668-1427

	MAIL ADDRESS:
		STREET 1:		290 HARBOR DRIVE
		STREET 2:		4TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902

	FORMER COMPANY:
		FORMER CONFORMED NAME:	Grayscale Solana Trust ETF
		DATE OF NAME CHANGE:	20251027

	FORMER COMPANY:
		FORMER CONFORMED NAME:	Grayscale Solana Trust (SOL)
		DATE OF NAME CHANGE:	20211201
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>2
<FILENAME>filename2.pdf
<TEXT>
<PDF>
begin 644 filename2
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M968-"C -"B4E14]H@(" @(" @(" @(" @(" @(" @(" @( T*,3$V(# @
M;V)J#3P\+T9I;'1E<B]&;&%T941E8V]D92])(#(P-"],(#$X."],96YG=&@@
M,3@W+U,@.30^/G-T<F5A;0T*:-YB8&"08F!@FL+ PL 0(,\@P(   @RL#&Q
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MA9A8X;01B1,NXN&%MWB)-0X+HE!60DZ$2J(62DJAI0T0E- Z& A::*<P+HW
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M*ZR[@)4C>/D #_^&CRWBP*<!J@%Q(];O -"G%ECX>[/D 9P\?41^#Q@=T'>
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MTK7>"?*DG/F?^PF3/7<4/ /=":4EW;_00.12^Y"+YI&W[6')16K*M*Q^7
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MY0UPVB"C^RKV@WG#)R2:_I12U]IZIJ[AS(D)0U91C*UFP6ENMQMH-&$8LNB
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M"2E)F C+! JQ8SVNFZ4B<43$@-PJK,.9B+%<)$' D7XC_?LD\^;R$I!1]N
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MR58TP>]A2WO13 ]_OJ ![-Y4C95S<TON#Y.+0)4>,03]V9>J10L[,H09(
M]2#U4!-IJ<<<2CTHH>9Q*2%*/C%=J10%;$ZQ7685&N14,+'2K<ZFX!J-A'G=
M/6H(2FG(6Y*GE)23<Y!HNG<(XA#I39G,?4L(/3GK6)]9N5U;R]BVDPF.E\ES
M.K),Z^B$'!T98+:*[B'2,MAMBLD$]/TR.5ZZE;!0@"OJY95=,-?C:&XQ]T"]
ME@57L4E>[';NC77*]<4#Q ;(]9VH$% ;3M):.F?.?(XMT6M$0)L,7>HLV'V=
MH=:YJ)Z388H[V3;(@W4H);L29^ZI$E1K:9<[L[9T!J'6W0"@*D/.E6&!^3R(
M%^XQD[6N 7E0!<!@*3C $T[/72]M.UC82H^;5&!YRNU:!JE2++U*OJVN[!O-
M93+K$)'HQ(KSLB7YW4ML:AC8%6M<."YYHE,5[@PL#ZVT-[&31Z3ZE3WGL0L2
MJD2Q*]CQ_@MJ0 "J!G2I?Q:.E3UXU[4XES0500/E65A1&PEG:@N7BQ+RAG7B
M'9/)/[0>X['!2(L0,C0W6F21Y9KV7F65OEQU6(V<8'1:S+UJ#9:E=BV+J.PZ
M7O:;CE*F7=U#0<$:7!  <:=%.P_]F;O>"C>AQ8I=^@>%(%L WF+F;8T_2BI*
M9+D742M3WF282A$!E'FQ+OW/P+7V! [0#A!:5,Y:#MTMJZ%NFR('!FVW*#8D
M_'KLQ6YM :<MFMC<O9-K#Y*PUH[42;'1,OE<NWG_],\M+C0WQULUW_QX/A^?
MGF\GX["';GY[N,5>,C=?CH?GS]6,P>NE2K;0[A+3"7Y[,J1=7ZT\8Z7"5%DC
MNT/='JG*%.@L<\4VMO4=<J>)BRM&;IF+*]7K)]%KAU#39(F@G1!TVO 8X-1S
M*?+#>H1.?JZ=0"A7+"$<KGH >,3VUTWU&_$Q+(N/;BWYFE'59TS+=[YEE?;.
M<XCCNTZ1-,HMCCO_?EV$ZVF>=[DT):7<M*O9ODR48H[H)$$)%OOJ2?%[?,WI
MM7S5JU]_X2FD6$?+I_$_ 08 'J!$-@T*96YD<W1R96%M#65N9&]B:@TU-2 P
M(&]B:@T\/"]&:6QT97(O1FQA=&5$96-O9&4O3&5N9W1H(#$Q-#8^/G-T<F5A
M;0T*2(F,5TN/W#8,OL^OF./D8%>2];"!P9SZ (H"+1#?%CG,>F;0)D6WV*1H
M?WY%BI0HV=[D8%B61(KZ2'ZDYY\/@^J5FOQ1'>?O#V>ES!(?IY0:E-(^/B:.
M'_!]F3\>.M[>Z5[;T8-0G%#F."\H#5)W%$Z:XL 8T@;S.HWA/9@T9Z;XA/ID
ME(>W$_I,EM?ZD>3-C?;#V"<9^$993_-#TCV8;SL;O@]L*"X^QP<V7TG9<ZTT
M71+@&71OC9T2F"IA$@&$I>]^TD=]G!^'?E CHZW5#=?FF1:[J"$,)K3X:M#U
M=$X@F*&<B\ \BTMDP"^N#R  XU"C:JP0IHL8S>A=NM"/Y[?PY1UJ(5DVQJ=5
MU[NXJOF$D+7'^Q*L!"7Z0B>I$:6V3](AZ1J*_[2^MK+)ALN'&</:F^"%)Q"]
MN_"<+B8D%?9,0;%D#$%5Q[J$3[KLE',"29H-AN9+!M+)0- <[@_9 JT6#(0?
M.4CB38=C9_IQY..,A>-H\._AZ?3#?W^_?/[G]7[\\O*N,V[L]>G]K[^\ Y-+
M0"FP>G3:UE8K5 $NO"9[,<D"H:+)YFMQ SK!I[O"/.,$;TSNM8/2Q)C6U%02
M%\X4U((OQ.M&H2G"LW@'+. H'VSQ'8=IO=NQ+W4)[3K80A/BZ78I>" )(_YJ
M16\;-V>;-M($"9-T8?#H@34..21M,1\260+!K,GJ&4S=9E(04$@"\!2=K$"#
M9Y=T5U"&2N-!&JC/XU@K>1@CZ MUPCA3<DY2>Z[-7J>QWTYC04R,O9JLKB@4
M\S:7!%VS+WF4L$;9!FN3L;ZEBL)$R2&#AH9T#.+F1*QMW\;ND)+:)4R,-UTR
MJ%[AXIA9J=R,F*E"UPFCA7_6?@G[>5L\C32.Z)NIGR;=L.;7LPWCC$IUP2VQ
M)ZD4/GG*5$V,?"/=0VO]M)FCVWF(F 2!O/!?WF,*VQG3,/&MZ /]F%P$$*Y-
M)6APCVLMK?CFENY3-1Z-A810+"^C#3:!CA3M*.PS"5_WZ86$=T->EG@N_>%K
M\;5+.CS7,#A'O93+'A:<P6U6G4<KKT@*<S+];VD!@6T2CCE07&A1N32O2<9,
MNB49IU9,RN%(YA#)H.P>XNQU(U3L,P*W4*L<:WI,5,/13_TH(\KM'3"Y$:PJ
M/?H +X7XQ+7'O=1BSN5="Z'-DE+RE%RYFZ[)42?'6/O)36TGYAN 91FL:H9P
M;.K&2%^#?^F06[<3LV FC'2:K#UOMKF.6!MO^"Q7L$5FZQV=0;S4<LI&7R+1
MLDV,YSJNWU)E1-DHRC<<+5S&'G&#W6AOJG^$;\X&U"6\T57I(!O NIE;P:#/
M">.!F7IHV-C6V45],S:\W#@K:)J#RG].R8[3_'I=/GV.;;+UIR^_WV'@3K^]
M_K%@NQQIR/JI$+#U20KVN1ANI]A@^_AZP'<L9Z?W+W]>_[HVK79':D3#72$!
M*.RT!'=5A6R.A?+G).BR(NHW"N(&(W)<41%8_3".S0\C>"/W%%S_A)&\EH-4
MJ]Q(97:J*HT6=3*%^^7#\7\!!@"6*VV*#0IE;F1S=')E86T-96YD;V)J#34V
M(# @;V)J#3P\+T9I;'1E<B]&;&%T941E8V]D92],96YG=&@@,3 Y.3X^<W1

August 15, 2025
Edward McGee
Chief Financial Officer
Grayscale Solana Trust (SOL)
c/o Grayscale Investments Sponsors, LLC
290 Harbor Drive, 4th Floor
Stamford, CT 06902
Re:Grayscale Solana Trust (SOL)
Amendment No. 2 to Registration Statement on Form S-1
Filed July 31, 2025
File No. 333-286374
Dear Edward McGee:
            We have reviewed your amended registration statement and have the following
comments.
            Please respond to this letter by amending your registration statement and providing
the requested information. If you do not believe a comment applies to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why in your
response.
            After reviewing any amendment to your registration statement and the information
you provide in response to this letter, we may have additional comments. Unless we note
otherwise, any references to prior comments are to comments in our July 3, 2025 letter.
Amendment No. 2 to Registration Statement on Form S-1
Risk Factors
Validators may suffer losses due to Staking, page 23
1.You state here that the Sponsor expects that it will stake up to 85% of the Trust's SOL
at all times, and hold approximately 15% of the Trust’s SOL in the Liquidity Sleeve,
but that such amounts will be dynamic and subject to adjustment. Please tell us, with a
view towards revised disclosure, whether a current percentage of the Trust's SOL
being staked will be made publicly available to investors on a regular basis, including
on your website or otherwise.

August 15, 2025
Page 2
Staking
Staking Arrangements and Provider-Facilitated Staking Model, page 108
2.We note your revised disclosure in response to prior comment 4 that the Sponsor
expects that it will stake up to 85% of the Trust's SOL at all times and that it believes
that the Liquidity Sleeve will be sufficient to satisfy existing and reasonably foreseen
potential redemption requests. Please revise your disclosure here to provide a brief
explanation of how you intend to redeem shares if the Liquidity Sleeve is
insufficient by describing the short-term financing arrangements with the Custodian to
provide SOL to the Trust for settlement of trades with the Trust's Liquidity
Provider(s) on the Trust's behalf and the short-term financing arrangements the Trust
will enter into with the Liquidity Provider(s) to provide cash on behalf of the Trust for
settlement of trades while the staked SOL undergoes the Solana protocol unstaking
process. To the extent these liquidity risk policies and procedures are intended to be
consistent with the exchange's proposed generic listing standards, please confirm and
revise your disclosure accordingly.
3.We note your response to prior comment 5 that you do not yet have a Staking Policy
related to the Sponsor's decisions of whether to distribute or retain the Staking
Consideration and whether to pay a portion of the Staking Consideration to the
Sponsor. Please revise to disclose when you intend to establish the Staking Policy and
how you will inform investors of the Staking Policy.
4.You state that both the Custodian and the Staking Provider may be entitled to receive
a portion of the staking rewards, and the total fee for both parties is expected to range
between approximately 5% and 10% of the gross staking rewards earned. Please
revise to clarify whether those fees are payable out of the Staking Consideration
earned by the Trust, the Sponsor's Staking Portion or otherwise.
Experts, page 129
5.We note your response to our prior comment 14. Please confirm that you will include
the letter from your predecessor accountant required by Item 304(a)(3) of Regulation
S-K as an exhibit in a future amendment.
            Please contact David Irving at 202-551-3321 or Robert Telewicz at 202-551-3438 if
you have questions regarding comments on the financial statements and related
matters. Please contact Sonia Bednarowski at 202-551-3666 or Justin Dobbie at 202-551-
3469 with any other questions.
Sincerely,
Division of Corporation Finance
Office of Crypto Assets
cc:Daniel P. Gibbons

<SEC-DOCUMENT>0000950170-25-100877.txt : 20260709
<SEC-HEADER>0000950170-25-100877.hdr.sgml : 20260709
<ACCEPTANCE-DATETIME>20250731160207
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950170-25-100877
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250731

FILER:

	COMPANY DATA:
		COMPANY CONFORMED NAME:			Grayscale Solana Trust (SOL)
		CENTRAL INDEX KEY:			0001896677
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				876771043
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:
		STREET 1:		290 HARBOR DRIVE
		STREET 2:		4TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
		BUSINESS PHONE:		212-668-1427

	MAIL ADDRESS:
		STREET 1:		290 HARBOR DRIVE
		STREET 2:		4TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902

	FORMER COMPANY:
		FORMER CONFORMED NAME:	Grayscale Solana Trust ETF
		DATE OF NAME CHANGE:	20251027

	FORMER COMPANY:
		FORMER CONFORMED NAME:	Grayscale Solana Trust (SOL)
		DATE OF NAME CHANGE:	20211201
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>2
<FILENAME>filename2.pdf
<TEXT>
<PDF>
begin 644 filename2
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M968-"C -"B4E14]H@(" @(" @(" @(" @(" @(" @(" @( T*,3$V(# @
M;V)J#3P\+T9I;'1E<B]&;&%T941E8V]D92])(#(P-"],(#$X."],96YG=&@@
M,3@W+U,@.30^/G-T<F5A;0T*:-YB8&"08F!@FL+ PL 0(,\@P(   @RL#&Q
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MA9A8X;01B1,NXN&%MWB)-0X+HE!60DZ$2J(62DJAI0T0E- Z& A::*<P+HW
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M*ZR[@)4C>/D #_^&CRWBP*<!J@%Q(];O -"G%ECX>[/D 9P\?41^#Q@=T'>
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MTK7>"?*DG/F?^PF3/7<4/ /=":4EW;_00.12^Y"+YI&W[6')16K*M*Q^7
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MY0UPVB"C^RKV@WG#)R2:_I12U]IZIJ[AS(D)0U91C*UFP6ENMQMH-&$8LNB
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M"2E)F C+! JQ8SVNFZ4B<43$@-PJK,.9B+%<)$' D7XC_?LD\^;R$I!1]N
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MR58TP>]A2WO13 ]_OJ ![-Y4C95S<TON#Y.+0)4>,03]V9>J10L[,H09(
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M(# @;V)J#3P\+T9I;'1E<B]&;&%T941E8V]D92],96YG=&@@,3 Y.3X^<W1

July 3, 2025
Edward McGee
Chief Financial Officer
Grayscale Solana Trust (SOL)
c/o Grayscale Investments Sponsors, LLC
290 Harbor Drive, 4th Floor
Stamford, CT 06902
Re:Grayscale Solana Trust (SOL)
Amendment No. 1 to Registration Statement on Form S-1
Filed June 13, 2025
File No. 333-286374
Dear Edward McGee:
            We have reviewed your registration statement and have the following comments.
            Please respond to this letter by amending your registration statement and providing
the requested information. If you do not believe a comment applies to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why in your
response.
            After reviewing any amendment to your registration statement and the information
you provide in response to this letter, we may have additional comments.
Amendment No. 1 to Registration Statement on Form S-1
General
1.To the extent that you intend to use a fact sheet, please provide us with a copy for our
review.
2.You state that the Trust's investment objective is for the value of the Shares to reflect
the value of SOL held by the Trust, less the Trust's expenses and other liabilities. To
the extent you implement a staking program, please revise to clarify whether earning
rewards by staking a portion of your SOL is part of your investment objective.
Prospectus Summary
Trust Overview, page 1
You state here that SOL has a circulating supply of approximately 513 million coins
as of March 31, 2025. You also include other disclosure here and elsewhere in the 3.

July 3, 2025
Page 2
prospectus as of March 31, 2025. Please revise to update this information as of June
30, 2025, or the most recent practicable date.
Staking Arrangements and Provider-Facilitated Staking Model, page 3
4.You state that the Sponsor anticipates that it will engage in staking with respect to all
of the Trust's SOL at all times, except, among other things, as necessary to satisfy
existing and reasonably foreseen potential redemption requests. Please revise to
disclose the percentage of the Trust's SOL that you expect to stake.
5.You state here that periodically the Trust may distribute SOL received as Staking
Consideration to the Trust's beneficiaries or sell that SOL for cash and distribute the
proceeds to the Trust's beneficiaries. In an appropriate section of the prospectus,
please revise to disclose any policies of the Trust or the Sponsor that inform whether
and when to make such distributions to the Trust's beneficiaries.
Risk Factors
Validators may suffer losses due to Staking..., page 23
6.We note your disclosure that "[c]urrently on the Solana Network, slashing generally
operates by social consensus, rather than being automatically applied by the protocol's
code." Please expand this risk factor to disclose the frequency or extent to which
slashing penalties have been imposed on the Solana Network (e.g., by social
consensus or otherwise), and make corresponding revisions to your related disclosure
at pages 53 and 105.
7.You disclose that depending on demand, un-staking can take between one to several
"epochs" to complete and that an "epoch" is approximately two days long on the
Solana Network. In an appropriate section of the prospectus, please revise to describe
in greater detail the time it takes to un-stake SOL, and consider providing quantitative,
illustrative examples of the factors that may result in shorter or longer un-staking
periods on the Solana Network.
Possible illiquid markets may exacerbate losses or increase..., page 32
8.To provide context for this risk, please provide quantitative disclosure discussing the
size and liquidity of the SOL market.
Staked SOL tokens will be inaccessible for a variable period of time..., page 53
9.We note your disclosure that staked SOL tokens will be inaccessible for a variable
period of time, which could result in certain liquidity risk to the Trust. In an
appropriate section of the prospectus, please revise to disclose the material terms of
any policies, procedures and agreements you have in place to manage liquidity in
connection with Redemption Orders.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Review of Financial Results, page 61
10.Please revise your next amendment to include a discussion of results of operations for
the year ended December 31, 2024 as compared to the year ended December 31,
2023. Refer to Item 303(b)(2) of Regulation S-K.

July 3, 2025
Page 3
Business
Overview of the SOL Industry and Market, page 69
11.Please revise to add a discussion of the SOL spot markets and SOL futures markets.
Description of the Shares
Staking, page 104
12.Please disclose whether any parties other than the Trust and the Staking Provider (e.g.,
the Sponsor, the Custodian, etc.) will be entitled to receive any portion of the Staking
Consideration. If so, please revise to provide an estimate of such respective amounts,
or explain how they will be determined. Please also disclose the percentage of the
Staking Consideration payable to the Staking Provider, once known.
Material U.S. Federal Income Tax Consequences
Tax Treatment of the Trust, page 114
13.Please revise to clarify, if accurate, that counsel's opinion regarding grantor trust
status is currently based on the assumption that the Trust has not implemented a
staking program.
Experts, page 125
14.We note your disclosure that you dismissed Marcum LLP as your independent
registered public accounting firm on March 8, 2024. Please revise your filing to
include all of the disclosures required by Item 304 of Regulation S-K.
Exhibits
15.We note that Exhibits 10.9 and 10.10 appear to contain redactions. Please revise
your exhibit index to disclose that these exhibits contain redactions, or advise
otherwise.

            We remind you that the company and its management are responsible for the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action or absence
of action by the staff.
            Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate
time for us to review any amendment prior to the requested effective date of the registration
statement.

July 3, 2025
Page 4
            Please contact David Irving at 202-551-3321 or Robert Telewicz at 202-551-3438 if
you have questions regarding comments on the financial statements and related
matters. Please contact David Lin at 202-551-3552 or Justin Dobbie at 202-551-3469 with
any other questions.
Sincerely,
Division of Corporation Finance
Office of Crypto Assets
cc:Daniel P. Gibbons