BlackRock Bitcoin ETF Nears Approval with Cash-Only Tweaks and New Ticker
• BlackRock chose new ticker IBIT for its Bitcoin ETF application with the SEC
• The fund will now be cash-only, meaning new shares can only be created with cash, not actual Bitcoin
• This change addresses SEC concerns about allowing brokers to use Bitcoin directly
• The ticker switch indicates BlackRock's application is progressing and approval may be nearing
• If approved, analysts expect a large inflow of capital into the crypto market