BlackRock's Bitcoin ETF Prepares for Launch with SEC-Approved Changes
BlackRock has made key changes to its iShares Bitcoin Trust ahead of its expected launch. The asset manager has chosen a new ticker, IBIT, for the ETF and the filing now reveals that the ETF will be cash-only, meaning new shares can only be created with cash, not Bitcoin. This change was likely made to address SEC concerns about in-kind creation, which would have allowed registered brokers to use Bitcoin. The move suggests that BlackRock is moving closer to obtaining approval for the first Bitcoin ETF in the US.