BlackRock has officially named its proposed spot Bitcoin ETF as IBIT, as stated in a recently amended S-1 filing with the Securities and Exchange Commission on Monday.
The filing has also been updated to include details about the fund’s creation and redemption mechanism, which has been a topic of discussion in recent meetings between BlackRock and the SEC.
The latest update seems to suggest that the fund will follow a cash redemption model, which has been favored by the SEC, but the possibility of an “in-kind” process is not completely ruled out and will require approval from regulators.
The filing states that the Trust will continuously issue and redeem Baskets, with transactions being conducted for cash and potentially for Bitcoin, depending on In-Kind Regulatory Approval.
Bloomberg Intelligence analyst Eric Balchunas wrote on X that “BlackRock has gone cash only,” signaling that the debate about in-kind processes may be settled for now.
