Nasdaq Files for Rule Change to Allow In-Kind Creation and Redemption for BlackRock's Bitcoin ETF
Nasdaq has filed a proposal on behalf of BlackRock to allow in-kind creation and redemption for its Bitcoin ETF. This would enable Authorized Participants to use either cash or Bitcoin to create or redeem shares, making the process more efficient and transparent. However, individual investors will not have access to this model and will have to stick with the cash model. The BlackRock iShares Bitcoin Trust (IBIT) is the largest spot Bitcoin ETF in the US by inflows, having received $39.57 billion since its launch in January 2024. On the same day, six more crypto ETF applications were filed in the US, including a Litecoin ETF and an XRP ETF by European investment firm CoinShares.
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