According to Friday’s submitted documents to the US Securities and Exchange Commission (SEC), Nasdak has submitted a rule change proposal to recognize the actual setting and redemption of Black Rock I Sharees Bitcoin Trust (Ibit).
With this process, a large -scale institutional investor called a certified participant (AP) will be able to purchase fund shares and redeem direct to bitcoin (BTC).
This is thought to be more efficient because AP carefully monitors the demand of ETF and buys and sells fund stocks without any involvement in the process. Individual investors are not qualified to participate.
When SEC first approved a spot bitcoin ETF, including Ibit in January, the SEC allowed the fund to launch a fund with cash on behalf of Bitcoin.
“The Gensler/Clen Show did not want to approve for various reasons,” said James Sefarat, an ETF analyst in Bloomberg Intelligence, an ETF analyst in the Bloomberg Intelligence. The broker touches the actual bitcoin. “
Black Rock Ibit is the largest market BTC ETF in the market, attracting nearly $ 40 billion inflow in the first year, making it the most successful ETF debut so far.