BlackRock, a global leader in investment management, has revised its proposed spot Bitcoin exchange-traded fund (ETF) to allow cash redemptions. This update could be a strategic move in gaining approval from the US Securities and Exchange Commission (SEC).

The updated filing for the iShares Bitcoin Trust ETF indicates that the Trust will issue and “redeem baskets” in exchange for cash. This flexibility, subject to regulatory approval, could also extend to Bitcoin exchanges in the future.

Cash Redemptions To Set New Course For Spot Bitcoin ETF

Eric Balchunas, a respected Bloomberg analyst, highlighted the importance of this update on the X platform, terming it a “wrap.” This move signifies BlackRock’s commitment to aligning its offering with regulatory expectations, potentially paving the way for the long-awaited green light from the US SEC.

According to Balchunas, the shift to cash redemptions means BlackRock would accept cash to create new shares and vice versa, diverging from the typical ETF model where assets like Bitcoin could be directly exchanged for ETF shares.

BlackRock has gone cash only. That’s basically a wrap. Debate over. In-kind will have to wait. It’s all about getting ducks in row bf holidays. Good sign. https://t.co/vgocs1aIwS

— Eric Balchunas (@EricBalchunas) December 19, 2023

Vance Herwood, an investor and consultant specializing in volatility as an asset class, also offered Go to Source to See Full Article
Author: Samuel Edyme

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