Bitcoin ETF applicants will have to ‘bend the knee’ on cash redemption model
The SEC is pushing Bitcoin ETF issuers down the cash create route for creation and redemptions, but BlackRock has other ideas.
As spot Bitcoin exchange-traded fund (ETF) issuers iron out details of their filings with the U.S. securities regulator, it appears that the SEC is steadfast in demanding a “cash” redemption model rather than alternative model proposed by other issuers, such as BlackRock.
On Dec. 14 finance lawyer Scott Johnsson said that ETF applicant Invesco has become the latest to bend the knee to using a cash creation and redemption model for its ETF.
Seyffart also noted that Bitwise has been set for cash-only creates/redeems since Dec. 4, “though for months they had in-kind or cash in their documents before this.”
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Author: Martin Young
