The cryptocurrency market witnessed a surge on Monday, amid BlackRock’s amended S-1 filing with the Securities and Exchange Commission (SEC).
What Happened: The filing revealed the proposed spot Bitcoin ETF will bear the ticker IBIT.
The revised filing provides additional details concerning the creation and redemption methodology to be implemented by the fund. This topic has been the subject of recent discussions between BlackRock and SEC officials.
“The Trust issues and redeems Baskets on a continuous basis,” according to the filing. “These transactions will take place in exchange for cash. Subject to the In-Kind Regulatory Approval, these transactions may also take place in exchange for bitcoin.”
“BlackRock has gone cash only,” Bloomberg Intelligence analyst Eric Balchunas wrote on X. “That's basically a wrap. Debate over. In-kind will have to wait. It's all about getting ducks in row bf holidays. Good sign.”
BlackRock has gone cash only. That's basically a wrap. Debate over. In-kind will have to wait. It's all about getting ducks in row bf holidays. Good sign. https://t.co/vgocs1aIwS — Eric Balchunas (@EricBalchunas) December 19, 2023
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