BlackRock’s proposed spot Bitcoin ETF has been named IBIT, according to an amended S-1 filing with the Securities and Exchange Commission (SEC) on Monday.
The updated filing also includes new details about the creation and redemption mechanisms the fund will use, which was the subject of a recent meeting between BlackRock and SEC officials.
“The trust issues and repays baskets on an ongoing basis,” according to the filing. “These transactions will be conducted in cash. Subject to spot regulatory approvals, these transactions may also be conducted in Bitcoin.”
Ark 21Shares and WisdomTree also filed amended S-1 filings with the SEC on Monday for their proposed spot Bitcoin fund. Regulators have yet to give approval, but markets have surged on optimism that a decision could be near.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
About the author
Sarah is a reporter for The Block covering policy, regulation and legal events. Sarah was previously a reporter writing about securities regulation at CQ Legal, where she first began her reporting on cryptocurrencies. She Sarah has also written for The Bond Buyer and American Banker, among other financial publications. She graduated from the University of Missouri with a degree in Print and Digital Journalism. Sarah lives in Washington, DC and she is an avid coffee lover. You can follow her on Twitter @ForTheWynn.