Investment management firms BlackRock and Ark Invest are leaning towards launching Bitcoin exchange-traded funds (ETFs) using in-kind creations and redemptions, defying guidance last week from the Securities and Exchange Commission (SEC) that recommended switching to a cash model.

BlackRock recently met with SEC staff to walk regulators through how both in-kind and cash redemption models could work for a Bitcoin ETF. According to a presentation reviewed by Bloomberg ETF analyst James Sayffart, BlackRock prefers the in-kind mode.

Looks like @BlackRock also met with SEC! There’s a couple slides in relation to in-kind vs cash creation. Based on this it looks like BlackRock prefers in-kind for their #bitcoin ETF (makes sense as its probably cleanest structure for them & end investors)
h/t @btcNLNico https://t.co/AK0XspL4zJ pic.twitter.com/eeuUT9T5mn

— James Seyffart (@JSeyff) November 22, 2023

Last week, the SEC advised Bitcoin ETF issuers to update their filings to switch to cash creations rather than in-kind creations, according to Bloomberg ETF analyst Eric Balchunas.

However, this week Ark Invest and its founder Cathie Wood submitted an updated filing for a spot bitcoin ETF, Go to Source to See Full Article
Author: Diego Almada Lopez

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