BlackRock and Ark Invest Defy SEC Guidance, Lean Towards In-Kind Bitcoin ETFs
BlackRock and Ark Invest are considering launching Bitcoin ETFs using in-kind creations and redemptions, despite the SEC's recommendation to switch to a cash model. BlackRock recently met with SEC staff to explain how both models could work, and they prefer the in-kind mode. Meanwhile, Ark Invest and Cathie Wood have submitted an updated filing for a spot Bitcoin ETF, sticking with in-kind creations and redemptions despite the SEC's advice. In-kind transactions are preferred by ETF providers for their tax efficiency and to minimize the impact on the market prices of Bitcoin.
BlackRock Prefers "In-Kind" Redemption Model for Bitcoin ETF, According to Bloomberg Analyst and SEC Discussions
BlackRock has reportedly met with officials from the SEC regarding its spot Bitcoin ETF application, with discussions focusing on the choice between cash or in-kind redemption models. Bloomberg ETF analyst James Seyffart believes that BlackRock prefers the in-kind model, which involves a 5-step process starting with a Market Maker placing an order for redemption through an Authorized Participant. Other applicants, however, reportedly prefer the cash create option to mitigate restrictions placed on broker-dealers. Grayscale has also been in talks with the SEC and has executed a Transfer Agency and Service Agreement with BNY Mellon for its spot Bitcoin ETF.
BlackRock files S-1 filing for its spot Ethereum ETF
On November 16th, BlackRock submitted its S-1 application for a spot Ethereum ETF to the US SEC.
BlackRock files S-1 filing for its spot Ethereum ETF
On November 16th, according to official documents, BlackRock has submitted its spot Ethereum ETF S-1 application to the SEC.
Delaware Department of Justice Spokesperson: Fake BlackRock XRP Trust Documents Submitted to the Delaware Department of Justice
A spokesperson for the Delaware Department of Justice told Coindesk that the forged documents for the Belad XRP Trust have been submitted to the Delaware Department of Justice.
Affected by the "BlackRock XRP ETF" rumors, XRP positions exploded to US$7.1622 million in the past 24 hours
According to Coinglass data, XRP liquidations reached $7.1622 million in the past 24 hours, with long positions accounting for $4.7601 million, or 66% of the total.
BlackRock denies application to register iShares XRP trust in Delaware
November 14th, a registration document for "iShares XRP Trust" claimed to have been submitted by asset management giant BlackRock appeared on the official website of Delaware, which attracted market attention when XRP briefly rose nearly 13% after the news spread. However, a spokesperson for BlackRock has clearly stated that the document is false information and has nothing to do with BlackRock.
Blackrock Denies Attempting to Launch XRP ETF, Regulatory Filing Deemed Fake
Blackrock has denied reports that it is planning to launch an XRP exchange-traded fund (ETF). A spokesperson confirmed that a regulatory filing suggesting the company had taken a first step toward doing so was fake. XRP's price briefly rose by more than 10% before returning to its pre-news intraday price of around 65 cents. Blackrock has previously filed with the US Securities and Exchange Commission (SEC) to launch spot bitcoin and ether ETFs.
BlackRock Challenges SEC, Says Spot Bitcoin and Ethereum ETFs are No Different from Futures ETFs
BlackRock, the world's largest asset management firm with over $8 trillion in assets under management, is challenging the U.S. Securities and Exchange Commission (SEC) to approve spot market Bitcoin and Ethereum exchange-traded funds (ETFs), arguing that they are no different from futures ETFs. The firm contends that the SEC should approve spot market crypto ETFs as it has already greenlighted futures ETFs. BlackRock believes that the distinction created by the SEC between futures ETFs and spot market ETFs is arbitrary and that the regulatory agency is misusing the Investment Company Act of 1940 by applying it to spot ETFs.
