Bitcoin ETF

Bitcoin

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BlackRock, the world’s largest asset manager, has <a href="https://twitter.com/JSeyff/status/1736882588474564874">updated</a> its S-1 filing with the U.S. Securities and Exchange Commission (SEC).&nbsp;
The amended document, presented on Monday, details new aspects of the creation and redemption mechanisms for the proposed fund, which is identified by the ticker IBIT.&nbsp;
This development follows recent discussions between BlackRock and the regulatory agency.&nbsp;
<h2 id="blackrock-s-strategic-shift">BlackRock's strategic shift</h2>
BlackRock's transition to a cash-only approach marks a pivotal change in its ETF strategy.&nbsp;
Eric Balchunas, a senior ETF analyst, <a href="https://twitter.com/EricBalchunas/status/1736906286388703444">explained</a> that the firm would now accept cash to create new ETF shares, rather than direct Bitcoin deposits.&nbsp;
This strategy aligns with the SEC’s preference for cash transactions in ETFs, as it potentially mitigates some risks associated with direct cryptocurrency handling.&nbsp;
The move signifies BlackRock’s efforts to streamline its operations before the holiday season.&nbsp;
<h2 id="other-amended-proposals">Other amended proposals&nbsp;</h2>
The shift in BlackRock's approach is not an isolated event in the cryptocurrency investment landscape.&nbsp;
ARK Invest and 21Shares have also updated their filings for a spot Bitcoin ETF.&nbsp;
Similarly, Wisdomtree has filed an amended proposal for their application, which is a broader industry trend.&nbsp;

BlackRock Inches Closer to Bitcoin ETF

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