Nasdaq proposed rule change for BlackRock's BTC-ETF

The world's largest stock exchange Nasdaq, on behalf of BlackRock, submitted an application to change the structure of the iShares BTC Trust (IBIT) to allow for in-kind asset redemptions.

"The exchange proposes to amend the process for creating and redeeming shares of the fund to allow for in-kind transfers of BTC," the application states. "The proposed in-kind transfer process will serve as an alternative to the current cash-based process."

This means that investors will be able to redeem their funds directly in bitcoins. Previously, to redeem shares of the fund, it was necessary to sell coins and return cash to investors. The new approach will eliminate these operations, making the process more convenient and efficient.

Now the proposal awaits approval from the SEC. If accepted, it could significantly enhance the attractiveness of spot bitcoin ETFs for market participants, according to Bloomberg Intelligence analyst James Seyffart.

The total value of bitcoins under the management of IBIT is $60.6 billion, according to SoSoValue.

Earlier, BlackRock CEO Larry Fink stated the condition under which BTC would reach $700,000.

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