Why Did Blackrock Update Its Bitcoin ETF Application With the SEC?
As the approval of the Bitcoin ETF intensifies in the crypto market, BlackRock has recently updated its S-1 filing with the SEC
The amended document includes new details about the creation and redemption mechanisms for the funds, following regulatory discussions
This strategic shift marks a game-changer in the ETF landscape
The firm will now accept cash to create new ETF shares, moving away from direct Bitcoin deposits
According to Eric Balchunas, a senior ETF analyst, this decision aligns with the SEC’s preference for cash transactions in ETFs, eliminating the risk associated with direct crypto handling
Other crypto leaders, such as ARK Invest and 21Shares, are also updating their filings for spot Bitcoin ETFs.