The latest documents from BlackRock (BlackRock), the world's largest asset management company, show that its official name is code-named "IBIT".
BlackRock’s spot Bitcoin ETF recently publicly confirmed that its trading code is “IBIT” and submitted a revised S-1 to the SEC on Monday. This important development was disclosed in the document.
BlackRock (BlackRock) has added a new design on the fund creation and redemption mechanism in the latest document, which is particularly interesting. Attention.
It is understood that BlackRock hopes to adopt an "in-kind" model to increase the flexibility of managing investment portfolios.
However, the SEC prefers a so-called "cash" model, which would require BlackRock to immediately withdraw Bitcoins from reserves and sell them when investors redeem their shares, and then return the cash received to the investment. By.
The SEC has been negotiating for weeks with BlackRock and other companies on the creation and redemption process of a Bitcoin spot ETF. The news made the market optimistic about the approval of such funds. Companies including Fidelity, Ark 21Shares and WisdomTree are also involved in these talks.
Optimism has had a positive impact on Bitcoin prices. Since late 2023, BlackRock has begun to apply for Bitcoin spot ETFs, and many ETF vendors have also negotiated with the SEC simultaneously, driving the price of Bitcoin to continue to rise. Whether the application is approved or not will be announced in January next year.
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