The NASDAQ has submitted a project to change the rules to allow the creation and redemption in kind for the BlackRock Ishares Bitcoin Trust (IBIT), according to a Friday file at the Securities and Exchange Commission (SEC) of the United States.
The process allows large institutional investors, called authorized participants (APS), to buy and buy the stock’s shares directly in Bitcoin (BTC).
It is considered more effective because it allows APS to closely monitor the request for FNB and act quickly by buying or selling stocks from the fund without cash being involved in the process. Retail investors are not eligible to participate.
When the SEC approved for the first time the ETF Bitcoin for the first time, including Ibit last January, the agency authorized the launch of the funds with a cash repurchase, instead of Bitcoin.
“He should have been approved in the first place, but Gensler / Crenshaw did not want to allow him a whole series of reasons they have given,” said analyst Bloomberg Intelligence Etf James Seyffart on X. ” [they] I didn’t want brokers to touch real bitcoin. “”
The Ibit of Blackrock is the largest BTC ETF spot on the market, attracting nearly $ 40 billion in entries during its first year, making it the most successful and successful and in all time.
