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Fund managers accelerated preparations for the launch of spot bitcoin ETFs (exchange-traded funds) as Bitwise released the first ETF announcement, BlackRock modified its app to allow cash redemptions and named a symbol for its btc ETF.
Bitwise Asset Management presented its announcement on December 18 with the actor Jonathan Goldsmith, best known as the “Most Interesting Man in the World” in the Dos Equis beer commercials. .
“You know what's interesting these days?” she says in the commercial short. “bitcoin.”
A word to the wise, from a man of few words. #bitcoininteresting https://t.co/wantGiAIqJ pic.twitter.com/x5MPbElEev
– Bit by bit (@BitwiseInvest) December 18, 2023
The announcement shows growing confidence among major fund managers that the Securities and Exchange Commission (SEC) is close to approving spot bitcoin ETFs.
Investor Bob Loukas wrote on
The level of involvement of the SEC and the changes/back and forth in the bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin The ETF tells us that this is a 99.9% closed deal. https://t.co/ZvBFb43C4c
– Bob Loukas (@BobLoukas) December 18, 2023
BlackRock bitcoin ETF to Use SEC-Preferred Cash Rebate Model
Fund management titan BlackRock also moved a step closer to launching its bitcoin spot ETF when it said on December 18 that implement cash creation and refund mechanisms for investors, an arrangement preferred by the SEC.
The amendment still leaves room for the implementation of an in-kind mechanism in the future, which is subject to regulatory approval.
BlackRock has gone cash-only. That's basically a summary. Discuss about. In kind we will have to wait. It's all about getting your ducks in a row during the holidays. Good sign. https://t.co/vgocs1aIwS
– Eric Balchunas (@EricBalchunas) December 19, 2023
BlackRock is the latest of several companies to agree to issue cash refunds until the in-kind refunds receive approval from the SEC. ARK 21Shares has also published a reviewed Form S-1 with a similar change.
BlackRock had initially proposed an in-kind exchange model. The SEC reviewed this proposal and expressed concerns about investor safety and market manipulation.
These concerns appear to have now been addressed as BlackRock's point bitcoin/”>bitcoin ETF was baptized with the IBIT ticker on December 18, according to a modification S-1 Filing.
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