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iShares Bitcoin Trust ETF (ticker IBIT) has filed Pre-Effective Amendment No. 2 to its Post-Effective Amendment No. 2, converting the prior Form S-1 registration to a shelf Form S-3 and updating disclosure through 27 June 2025. The Delaware statutory trust鈥攕ponsored by iShares Delaware Trust Sponsor LLC, an indirect subsidiary of BlackRock鈥攊ssues shares that track the price performance of bitcoin before expenses.

Scale and capital structure. 鈥� The Trust鈥檚 net asset value (NAV) was $74.20 billion with a per-share NAV of $60.70. 鈥� Shares are listed on NASDAQ under the symbol IBIT and trade independently of NAV. 鈥� Creation/redemption occurs only in baskets of 40,000 shares, valued at either bitcoin or cash; as of 25 June 2025 one basket equated to 22.72 BTC (鈮� $2.45 million).

Expense profile. The Trust鈥檚 single recurring cost is the Sponsor鈥檚 Fee of 0.25% (accrued daily, paid quarterly), one of the lowest expense ratios among crypto-linked exchange-traded products. The Sponsor also absorbs a broad range of routine operating expenses鈥攊ncluding trustee, administration, audit, listing and registration fees鈥攗p to $500 k in annual legal costs, and all organisational costs.

Service framework. 鈥� BlackRock Fund Advisors acts as Trustee. 鈥� Coinbase Custody Trust Co. is the primary bitcoin custodian; Anchorage Digital Bank N.A. is named as an alternative. 鈥� The Bank of New York Mellon serves as cash custodian and administrator. 鈥� Prime Execution Agent services are provided by Coinbase Inc.; Cumberland DRW, Flow Traders, JSCT and Virtu are approved bitcoin trading counterparties. 鈥� Twelve Authorised Participants can create/redeem in cash; four can transact in-kind.

Key updates. 1) Potential adoption of an in-kind creation/redemption process alongside existing cash flows. 2) Inclusion of audited financial data through the 5 March 2025 annual report. 3) Expanded risk disclosures addressing market volatility, regulatory uncertainty and executive-order developments around a prospective U.S. strategic bitcoin reserve.

Risk highlights. The prospectus devotes extensive space to bitcoin price volatility (one-year trailing volatility 鈮� 65%), custody security, fork/air-drop treatment (the Trust permanently abandons ancillary coins), regulatory classification risks under SEC, CFTC, FinCEN and state regimes, and potential divergence between share price and NAV if arbitrage mechanisms are impaired.

Dissolution triggers include delisting, regulatory orders, loss of critical service providers, or failure to qualify as a grantor trust. Upon dissolution, remaining bitcoin would be liquidated and net proceeds distributed via DTC.

Overall, the filing positions IBIT as a large-scale, low-fee vehicle for institutional-grade access to spot bitcoin exposure, while emphasizing the material risks inherent in digital-asset markets.

On 2 July 2025, Enstar Group Limited (“Enstar”) filed seven Post-Effective Amendments to Form S-8 registration statements to deregister all unsold ordinary shares that had been reserved for employee and director equity plans. The affected authorisations originally covered approximately 3.16 million ordinary shares across the following programmes:

• 1,200,000 shares 鈥� 2006 Equity Incentive Plan (Reg. No. 333-141793)
• 460,949 shares 鈥� 1997 Omnibus Incentive Plan and 29,422 shares 鈥� 2001 Outside Directors Stock Option Plan (Reg. No. 333-148862)
• 97,862 shares 鈥� Deferred Compensation Plan for Non-Employee Directors (Reg. No. 333-148863)
• 200,000 shares 鈥� Employee Share Purchase Plan (Reg. No. 333-149551)
• 689,654 shares 鈥� 2016 Equity Incentive Plan (Reg. No. 333-212131)
• 84,370 shares 鈥� A&R 2016 Equity Incentive Plan (Reg. No. 333-237259)
• 400,000 shares 鈥� A&R 2016 Equity Incentive Plan (Reg. No. 333-265567)

The amendments were triggered by the completion of a merger agreement dated 29 July 2024 under which Enstar survived a series of transactions and became a wholly-owned subsidiary of Elk Bidco Limited. As no further public issuances will occur, Enstar is terminating the effectiveness of the S-8 registrations in accordance with undertakings contained in each filing. The submission is administrative and contains no new financial results. The document was signed in Hamilton, Bermuda by General Counsel Audrey B. Taranto.

Confluent, Inc. (CFLT) 鈥� Form 144 Notice of Proposed Sale

On 07/02/2025 an affiliate of Confluent filed a Form 144 indicating the intention to sell up to 242,501 common shares, representing roughly 0.07 % of the company鈥檚 340,389,876 shares outstanding. The planned broker is Morgan Stanley Smith Barney LLC, Executive Financial Services, New York. Based on the market price used in the filing, the prospective sale is valued at $6.23 million.

The shares were acquired the same day (07/02/2025) via a stock-option exercise, with cash used to cover the exercise price. The filer鈥攊dentified in prior sales data within the notice as Melanie Vinson鈥攈as sold stock in two prior transactions during the last three months: 13,937 shares on 05/22/2025 for $304,662.82 and 14,087 shares on 05/20/2025 for $307,476.95, together totaling 28,024 shares and $612,140 in gross proceeds.

Key takeaways for investors

• Form 144 filings announce a proposed鈥�not yet executed鈥攕ale; actual sales may differ.
• The number of shares is immaterial to the company鈥檚 float but notable for tracking insider sentiment.
• The stock-option exercise increases the share count by an equal amount, but the dilution impact is de-minimis at the company level.

While the filing signals insider intent to monetize holdings, the relatively small percentage of outstanding shares suggests limited direct market impact. No undisclosed adverse information was asserted by the filer, as required by Rule 144.