BlackRock Revises Bitcoin ETF Proposal, Adds Cash Redemptions to Appease SEC
• BlackRock filed a revised spot bitcoin ETF proposal with cash creation and redemption mechanisms, likely to appease SEC regulators and boost odds of approval
• BlackRock's updated proposal comes amid speculation that the SEC could approve several spot bitcoin ETF applications in January
• BlackRock originally proposed an in-kind redemption model but the SEC raised concerns about investor safety and manipulation
• Cash redemptions are regarded as the safer, more accessible option until in-kind redemptions are approved, so BlackRock agreed to issue cash redemptions
• BlackRock is the latest of over a dozen firms to file bitcoin ETF applications, with others like ARK 21Shares also revising proposals to feature cash redemptions