Blackrock has improved the functioning of its iShares Bitcoin Trust ETF by changing the custody of the fund with Coinbase. The changes could enhance the processes of asset management and withdrawal. This is in line with the firm’s strategy of improving liquidity for institutional investors.
BlackRock Enhances ETF with Faster Bitcoin Withdrawals
The recent changes to the Coinbase Prime Broker Agreement allow the Trust to withdraw Bitcoin faster and more flexibly. The platform has to process withdrawals to a public blockchain address within 12 hours by Coinbase Custody. This update solves operational issues, namely, withdrawals. They now happen at the earliest time, irrespective of the presence of unsettled trades.
These enhancements are in line with BlackRock’s attempts to align the Bitcoin ETF structure to suit institutional investors. By reducing the withdrawal time, the ETF will be able to meet the requirement of efficient asset transfers. This in turn will increase
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