CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
CoinDesk 2025-01-24 21:47:33

Nasdaq Files for In-Kind Redemptions for BlackRock Spot Bitcoin ETF

Nasdaq has filed a proposed rule change to allow in-kind creation and redemption for the BlackRock iShares Bitcoin Trust (IBIT), according to a Friday filing to the U.S. Securities and Exchange Commission (SEC). The process allows large institutional investors, called authorized participants (APs), to buy and redeem shares of the fund directly to bitcoin (BTC). It is considered to be more efficient as it allows APs closely monitor the demand for the ETF and to act fast by buying or selling shares of the fund without cash being involved in the process. Retail investors are not eligible to participate. When the SEC first approved spot bitcoin ETFs including IBIT last January, the agency allowed to launch the funds with cash redemption, instead of bitcoin. "It should have been approved in the first place but Gensler/Crenshaw didn't want to allow it for a whole host of reasons they gave," Bloomberg Intelligence ETF analyst James Seyffart wrote on X . "Mainly [they] didn't want brokers touching actual Bitcoin." BlackRock's IBIT is the largest spot BTC ETF on the market, attracting nearly $40 billion of inflows in its first year, making it the most successful ETF debut ever.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.