BlackRock has updated its filing with the Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF).
According to the revision made by BlackRock, the fund is listed on the stock exchange. with IBIT code is planned to be processed.
In the current version of the application, some additional information was given about how the buyback transactions in the fund would be carried out.
In the document, “These transactions will be carried out in exchange for cash. Subject to legal approval for in-kind (transactions), these transactions can also be made in exchange for Bitcoin.” It was said.
For this purpose, SEC officials met with BlackRock several times. buybacks for cash It is said that he prefers
Bloomberg analyst Eric Balchunas said: “BlackRock chose the cash-only route. “The matter is closed.” said.
The in-kind exchange method may give BlackRock more flexibility, but the SEC requires BlackRock to sell Bitcoin and return it to investors when investors demand buybacks. make payment in cash wants.