New ticker, who this? BlackRock has chosen a new ticker for its iShares Bitcoin Trust: IBIT. The new detail appeared in an amendment to the asset manager’s S-1 application, which was filed with the SEC yesterday. On top of that, the filing now shows that the ETF will be cash-only.

That means new shares of the fund can only be created with cash, not Bitcoin. The switch was foreshadowed in minutes that the SEC released last week after it met with BlackRock and Nasdaq executives.

“The SEC just was not going to be comfortable enough with in-kind because it allows registered brokers to use Bitcoin and that’s not allowed,” Bloomberg Intelligence analyst Eric Balchunas said Tuesday during an ETF webinar. “I don’t think they want any unregistered subsidiaries to touch Bitcoin. Cash creation solves that—it means the issuer basically touches the Bitcoin and no one else.”

It may not seem like much, but it’s yet another hint that things are moving in the right direction for BlackRock, and that the expectation from market analysts that the SEC is set to make history by approving the first Bitcoin ETF in the U.S. may indeed be correct.

It looked for a while that the iShares Bitcoin Trust would trade under the IBTC ticker. That’s because in late October, it Go to Source to See Full Article
Author: Stacy Elliott

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