In the grand tapestry of financial schemes, the Nasdaq, that wily weaver, has spun a new thread for BlackRock’s Bitcoin ETF. With a flourish and a bow to the SEC, they proposeânay, demand!âthat “in-kind” transfers be allowed, as if Bitcoins were mere trinkets to be swapped at a carnival.
Oh, the document they submitted, a veritable tome of legalese, suggests that this “in-kind” process is but an alternative to the Trust’s current monetary dance. A dance, I tell you, that involves no less than the jingling of coins!
Should the SEC deign to approve this amendment, the Authorized Participantsâthose noble titans of industry, not the plebeian individual shareholdersâshall exchange their Bitcoin ETF shares not for the clink of silver, but for the glitter of the underlying assets. Amongst these treasures, the shiny Bitcoin may be found. A liquidity-saving maneuver, no doubt, but one that might leave the common man scratching his head.
“Oh, the depth of it all! Yet, for the retail investor, it’s but a ripple in the pond. More efficient ETF trading, you say? A streamlined process with fewer steps? Pray tell, where do I sign?”
â James Seyffart (@JSeyff) January 24, 2025
James Seyffart, the Bloomberg ETF analyst with a penchant for brevity, opines that this move is akin to greasing the wheels of the ETF chariot. He takes a playful swing at the SEC, once led by the redoubtable Gary Gensler, for their past predilections towards on-cash redemptions. “Should have been allowed from the start,” he laments, as if the SEC were a recalcitrant child.
Bitseeker Consulting’s own Chris J. Terry chimes in, suggesting that this in-kind redemption is not just about liquidity, but about tax efficiency too! Imagine, minimizing capital gains distributions and making shareholders smile like Cheshire cats.
As the chroniclers at crypto.news have noted, BlackRock’s IBIT was once the golden child, netting $661.9 million on the first day of a certain presidency. Alas, the winds of fortune have shifted, and the inflows have slowed to a trickle.
On a fateful day, Jan. 22, BlackRock’s IBIT swelled its coffers with 6,470 BTC, bringing its grand total to a number that would make Croesus weep. Valued at $55.6 billion, one must ponder, is it the Bitcoin that glitters, or the gold?
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2025-01-27 14:24