Bloomberg ETF analyst Eric Balchunas has highlighted another meeting between investment asset management firm BlackRock and the SEC’s Trading & Markets division to negotiate on the former’s spot Bitcoin ETF application.
BlackRock Meets the SEC Again
BlackRock initially met with the SEC a week ago over the choice of cash model summary or “in-kind” redemption model for the impending ETF offering. The SEC advised the spot Bitcoin ETF applicants to adopt cash creates for the ETFs as against in-kind model of redemption.
The prominent investment manager tried to define the distinctions between the two models by sharing a document. In the end, it was obvious that BlackRock, like many other candidates for spot Bitcoin ETF, prefers the in-kind redemption model. Their preference is based on the fact that this model would mitigate the restrictions placed on broker-dealers
This time around, Balchunas noted that the investment manager presented the regulator with a “revised”
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