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Blackrock, WisdomTree Amend Form S-1 | Cryptocurrencypanther

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Blackrock, WisdomTree Amend Form S-1

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December 19, 2023

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Investment manager Blackrock had on Monday, December 18, 2023 submitted an amendment to the form S-1 for its iShares Bitcoin Trust as part of its spot Bitcoin ETF filing with the U.S. Securities and Exchange Commission (SEC).

Also Read: Coinbase Introduces USD SWIFT Transfers in Singapore for Broader Crypto Onramp

Cash Redemption Vs In-Kind Bitcoin ETF Model

It appears that the deadlock around spot Bitcoin ETF approval is centered around the redemption model behind operations for the ETFs. In this direction, Blackrock amended its form S-1 in its latest filing. In the filing, the investment manager left the “in-kind” redemptions part unconfirmed for approval by the SEC while confirming the cash redemption system. It said,

“These transactions will take place in exchange for cash. Subject to the In-Kind regulatory approval, these transactions may also take place in exchange for Bitcoin.”

It remains to be seen if the US SEC would eventually approve the cash redemption model, before or after the formal approval of the Bitcoin ETF.

Also Read: UK Launches Regulatory Framework for Digital Securities Sandbox