BlackRock has made significant changes to its filing for a Bitcoin spot Exchange-Traded Fund (ETF). The new filing outlines that new shares in the trust will exclusively be created using cash, moving away from the previous in-kind redemption method. This change aligns with a shift in strategy among other ETF applicants, and it reflects an attempt to comply with federal regulators’ requirements. The move to cash redemption, as opposed to in-kind redemption, has raised questions about the future of this method. The SEC has shown a more open stance towards approvals, hinting at the potential for multiple spot Bitcoin ETFs in January, excluding GBTC.
BlackRock, alongside other ETF applicants, has revised their filing for a Bitcoin spot ETF to comply with federal regulators' requirements. The updated filing indicates a transition to creating new shares using cash, abandoning the previous in-kind redemption method. This shift aligns with changes made by other ETF applicants, and it reflects an effort to meet regulatory standards. The SEC's openness to approvals suggests the possibility of multiple spot Bitcoin ETFs in January, excluding GBTC.