The world’s largest asset manager, BlackRock, has filed an updated proposal for a spot Bitcoin exchange-traded fund (ETF) in the hopes of securing approval from the Securities and Exchange Commission (SEC). The revised proposal includes cash creation and redemption mechanisms favored by the SEC, addressing concerns about investor safety and market manipulation.

BlackRock is among several other applicants, including Valkyrie, Galaxy Digital, and Invesco, that have updated their filings for spot Bitcoin ETFs. The SEC has consistently expressed a preference for cash redemptions over in-kind redemptions. BlackRock’s updated filing indicates that the asset manager has agreed to initially exclude in-kind creations and redemptions, but hopes to facilitate them in the future, pending regulatory approvals.

This shift in strategy by BlackRock is seen as a positive development, as anticipation around the approval of Bitcoin ETFs grows. WisdomTree has also submitted an updated filing following BlackRock’s lead. The positive developments surrounding the ETF applications and the alignment between the applicants and the SEC have had a significant impact on the cryptocurrency market, with Bitcoin experiencing a price increase of over 5.5% and adding over $50 billion to its market cap in the past 25 hours.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	very positive
Relevance Score	1
People	None
Companies	BlackRock, Valkyrie, Galaxy Digital, SEC, Invesco
Currencies	Bitcoin
Securities	None