BlackRock Files for In-Kind Bitcoin Redemptions in IBIT ETF via Nasdaq

Jan 24, 2025, 09:15 PM

BlackRock Inc. has filed for a rule change with the U.S. Securities and Exchange Commission (SEC) to enable in-kind Bitcoin redemptions for its iShares Bitcoin Trust ETF (IBIT). The proposed amendment, submitted by Nasdaq on behalf of BlackRock, would allow authorized participants to redeem ETF shares directly for Bitcoin, rather than cash. This change aims to streamline the redemption process, potentially reducing costs and tax implications for institutional investors. The filing marks a significant shift from the cash-based model initially approved by the SEC in January 2024, reflecting evolving regulatory perspectives under the new administration.