BlackRock and Other Major Applicants Update Bitcoin ETF Proposals to Allow Cash Redemptions

The move, aimed at securing approval from the U.S. Securities and Exchange Commission, comes amid hopes for a potential approval of spot bitcoin ETF applications early next year.

• BlackRock has updated its proposed filing for a spot bitcoin exchange-traded fund (ETF) to allow cash redemptions, a move that could help it secure approval from the U.S. Securities and Exchange Commission.
• BlackRock, ARK Invest, and WisdomTree are among the major applicants for a spot Bitcoin ETF in the U.S. amending their filings to comply with the cash redemption model demanded by securities regulators.
• The SEC has so far denied all spot bitcoin ETF applications, citing potential for fraud, but market participants are hopeful of an approval early next year.
• BlackRock is the world's largest asset manager and had earlier sought to only redeem baskets to investors in bitcoin or 'in-kind'.
• A spot crypto ETF would track the market price of the underlying crypto asset, giving investors exposure to the token without buying the currency.

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