BlackRock modifies proposed spot Bitcoin ETF to meet SEC requirements
BlackRock, the world’s largest asset manager, has recently updated its application for a spot Bitcoin Exchange-Traded Fund (ETF) in a bid to address the U.S. Securities and Exchange Commission’s (SEC) concerns. The revisions, detailed in the meeting minutes from a Nov. 28, 2023, discussion with the SEC’s Division of Trading and Markets, focus on mitigating issues related to market manipulation and broker-dealer registrations. Looks like BlackRock met with the SEC's Trading & Markets division again yesterday and gave presented them with a "revised" in-kind model design based on Staff's comments at their 11/20 meeting.. h/t @btcNLNico here's full doc: https://t.co/sgOpY5D1jz pic.twitter.com/863pWOX6w0 — Eric Balchunas (@EricBalchunas) November 29, 2023 BlackRock’s updated redemption model In its revised proposal, BlackRock introduces a “prepaid model” within the existing in-kind redemption framework. This model req...