BlackRock Inc. and Fidelity Investments, alongside Grayscale Investments and Franklin Templeton, engaged in recent meetings with SEC representatives regarding their spot Bitcoin ETF filings.
Meetings took place as recently as Monday, involving divisions like Trading and Markets, essential for ETF approvals. Bitwise Asset Management, ARK Invest, and Valkyrie were also part of these discussions, narrowing down specifics, according to Bitwise’s Matt Hougan.
The anticipation grows for SEC approval, which is pivotal for ETFs tracking physically backed Bitcoin. However, discussions primarily revolve around the structure and redemption models for these ETFs.
While issuers favor an in-kind redemption model, the SEC might lean towards a cash-based approach, despite its potential inefficiencies.
BlackRock presented its revised in-kind model, emphasizing the efficiency and benefits compared to a cash-based model.
