BlackRock has updated its proposed filing for a spot bitcoin exchange-traded fund (ETF) to allow cash redemptions, in a move which could help it secure an approval from the U.S. Securities and Exchange Commission.
A spate of filings for spot bitcoin and ether ETFs, including from traditional finance heavyweights, have revived the crypto market this year after a series of meltdowns in 2022. “The Trust issues and redeems baskets on a continuous basis. These transactions will take place in exchange for cash. Subject to the in-kind regulatory approval, these transactions may also take place in exchange for bitcoin,” BlackRock’s iShares Bitcoin Trust ETF said in a regulatory filing late on Monday.
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