Nasdaq has filed a proposed rule change with the SEC to allow in-kind creation and redemption for the BlackRock iShares Bitcoin Trust (IBIT). This process lets authorized participants (APs) directly buy and redeem shares using bitcoin, enhancing efficiency. Retail investors are excluded from this process. Initially, when spot bitcoin ETFs were approved in January, they operated with cash redemption. BlackRock’s IBIT has attracted nearly $40 billion in its first year, making it the most successful ETF debut ever.
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