Nasdaq has presented a proposal to change rules to allow the creation and refund in kind of the Blackrock Ishares Bitcoin Trust (Ibit), according to a Friday presentation before the US stock and values commission. UU. (SEC).
The process allows large institutional investors, called authorized participants (AP), buying and redeeming funds directly to Bitcoin (BTC).
It is considered more efficient since it allows the APs closely monitoring the demand of the ETF and acting quickly buying or selling fund actions without intervening in the process. Retail investors are not eligible to participate.
When the SEC first approved the Bitcoin in cash ETF, including the Ibit, last January, the agency allowed to launch the funds with cash reimbursement, instead of Bitcoin.
“It should have approved first, but Gensler/Croww did not want to allow it for a large number of reasons they gave,” Bloomberg Intelligence ETF analyst, James Seyffart, wrote in X. “Mostly [they] “I didn’t want runners to play real bitcoin.”
The Blackrock Ibit is the BTC ETF to the largest cash on the market, attracting almost 40 billion dollars in tickets in its first year, which makes it the debut of a more successful ETF in history.
