New developments in BlackRock Bitcoin ETF

Start accepting applications for Wall Street finance

There has been a new move regarding the physical virtual currency Bitcoin ETF (exchange traded fund) “iSHARES® BITCOIN TRUST” that financial giant BlackRock is currently applying for.

Recent changes to the ETF structure allow U.S. Wall Street banks facing restrictions on holding Bitcoin to participate.

BlackRock’s recent filing with the SEC shows that designated participants in the United States (financial institutions (banks)) do not purchase Bitcoin themselves, but instead transfer cash funds to BlackRock’s affiliated Coinbase to acquire Bitcoin. There is a story behind the change to a system that allows people to purchase. Since the regulations for U.S. banking institutions to hold Bitcoin are unclear, BlackRock has added an in-cash (cash delivery) option for ETF issuance and redemption.

According to an interview with CoinDesk, Sui Chung, CEO of CF Benchmarks, a virtual currency benchmark that BlackRock uses for its Bitcoin ETF, said, “If the SEC decides to create and redeem an ETF with cash and physical assets,” “If we accept this modified dual model, trading liquidity for ETF shares will increase.”

It was also revealed last week that the ETF received $100,000 in seed funding to provide liquidity.

connection: BlackRock raises $100,000 in seed funding through Bitcoin ETF application

Meanwhile, the SEC has not yet approved a physical Bitcoin ETF, but the market expects that to be the case. In early January next year, ARK’s application will be the first to reach the SEC’s final deadline for approval.

Source: Bitcoin ETF Schedule

connection:Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

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