The world’s largest asset manager, BlackRock, has filed an updated spot Bitcoin exchange-traded fund (ETF) as anticipation of a rumored SEC approval builds.
The revised ETF proposal was filed in a bid to appease the SEC and in the hope of boosting the chances of securing a first-of-its-kind spot Bitcoin ETF approval in the US.
BlackRock Files Updated Proposal
The updated proposal states that BlackRock’s ETF will feature cash creation and redemption mechanisms that the Securities and Exchange Commission favors. BlackRock had initially applied for its iShares Blockchain and Tech ETF last month and had proposed an in-kind redemption model. However, after scrutinizing BlackRock’s proposal, the Securities and Exchange Commission raised concerns about investor safety and market manipulation.
Generally, ETFs feature one of two types of redemption and creation mechanisms: in-kind and cash. Under an in-kind redemption structure, firms can redeem shares for Bitcoin held by their ET
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