November 23, 2023

BlackRock, the world's largest asset manager, met with the U.S. Securities and Exchange Commission (SEC) on Monday to discuss its application for a Bitcoin spot exchange-traded fund (ETF), according to Bloomberg cryptocurrency analyst James Seyffart. Seyffart shared some slides from the meeting on Twitter, revealing that BlackRock is opting for an “in-kind” process for its Bitcoin ETF rather than a cash-based one. This means authorized participants will deliver and receive Bitcoin directly, rather than using cash to buy and sell the underlying asset. Seyffart explained that this system would be the “cleanest” method for both BlackRock and its investors because it would avoid the risks of price slippage and tax consequences associated with cash transactions. Bloomberg analyst Eric Balchunas revealed another sub-scenario in this ongoing process. “While BlackRock and ARK are standing firm on the “in-kind” process (because it is better for investors in terms of spreads and taxes), Balchunas said, the SEC has said that if you want to go to market with the first batch, you need an “in-cash” process (to prevent people from using unregistered brokers). “It is being talked about,” he said.

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