#ETF #SEC Bitcoin Spot ETF UPDATE (Bloomberg, Eric Balchunas and James Seyffart):

Invesco accepted its loss to the SEC and accepted a 'cash' model instead of 'in-kind'. Bitwise has also adopted this model. Simply put, the issuing company must hold Bitcoin, while intermediaries only need to hold "cash only" cash.

Currently, only large companies like ARK and BlackRock still persist in wanting the 'in-kind' model.$BTC