BlackRock Pushes for New Bitcoin ETF Redemption Model

Coin-Turk 8 months ago 225

American asset management company BlackRock is working on a new redemption model for its iShares Bitcoin $104,936 Trust (IBIT) ETF. The trading platform Nasdaq Stock Market LLC has submitted this in-kind redemption model to the U.S. Securities and Exchange Commission (SEC).

New Regulatory Proposal

Nasdaq’s proposed rule change is based on Section 19(b)(1) of the Securities Exchange Act of 1934. This amendment specifically aims to facilitate the transfer of the fund’s Bitcoin assets by qualified or authorized participants.

If approved, this regulation will allow authorized participants to redeem amounts in BTC ($111,466.00) instead of cash. The in-kind model is considered ideal for most exchange-traded products. However, during last year’s approval process, the SEC, led by Gary Gensler, favored a cash-based model, forcing issuers to withdraw from in-kind payments.

BlackRock’s BTC ETF Developments

This application follows BlackRock’s initiation of a BTC ...

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