BlackRock Revises Spot Bitcoin ETF Proposal Ahead of Rumored SEC Approvals
Summary
Blackrock, the world's largest asset manager, has revised its spot Bitcoin exchange-traded fund (ETF) proposal in an attempt to appease regulators, potentially increasing its chances of receiving the first such approval in the U.S. The updated proposal includes cash creation and redemption mechanisms, the model favored by the Securities and Exchange Commission (SEC). Blackrock initially filed for the iShares Blockchain and Tech ETF last month, proposing an in-kind redemption model, but revised it after the SEC raised concerns about investor safety and market manipulation. Several other firms have also agreed to issue cash redemptions until in-kind redemptions are approved.
