BlackRock Prefers "In-Kind" Redemption Model for Bitcoin ETF, According to Bloomberg Analyst and SEC Discussions
BlackRock has reportedly met with officials from the SEC regarding its spot Bitcoin ETF application, with discussions focusing on the choice between cash or in-kind redemption models. Bloomberg ETF analyst James Seyffart believes that BlackRock prefers the in-kind model, which involves a 5-step process starting with a Market Maker placing an order for redemption through an Authorized Participant. Other applicants, however, reportedly prefer the cash create option to mitigate restrictions placed on broker-dealers. Grayscale has also been in talks with the SEC and has executed a Transfer Agency and Service Agreement with BNY Mellon for its spot Bitcoin ETF.
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