BlackRock, the world’s largest asset manager, met with the SEC for the spot Bitcoin ETF it is trying to establish.
According to the statement shared by the US Securities and Exchange Commission (SEC), BlackRock representatives met with SEC officials on Monday.
During the meeting, the application for BlackRock’s iShares Bitcoin Trust to be listed on NASDAQ was evaluated.
The SEC also met with representatives of Grayscale Investments, which was trying to establish another spot Bitcoin ETF, on the same day.
During the meeting, BlackRock made a presentation to SEC representatives showing the differences between structures where repurchases are made in kind and structures where repurchases are made in exchange for cash.
Making repurchases in-kind requires BlackRock to repay the fund contributions in exchange for Bitcoins held in the ETF. In the second scenario, repayments are made with an equivalent amount of cash.
Bloomberg analyst Eric Balchunas said that in-kind buybacks are more advantageous for investors in terms of both spread and tax, but the SEC prefers cash refunds. is being talked about told.