:black::rock: BlackRock files to allow in-kind creations and redemptions for its spot Bitcoin ETF. However, only the Authorized Participants (institutions) will be able to do this.
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Lol
One by one each individual/entity/country bends the knee to bitcoin. It’s in their own best interest to do so! Once they realizes it others mimic and follow. Beautiful to watch.
I guess this could be a way for governments to move seized BTC and similar "unintentional holders" away from self custody while still keeping the exposure. Seems very odd, so likely purpose built for some very specific use cases there is behind the scenes needs for.
What does “in kind creation and redemption” mean regarding its fake #bitcoin?
With creation an entity, in this case institutional investor can aquire the Bitcoin ETF shares by transferring the custody of the equivillent in actual Bitcoin to the ETF issuer. With redemption, this will work in reverse where the custody of said actuall bitcoin can be given back to the AP in return for the ETF shares.
This is useful for a whole plethora of reasons but primarily it cost effectiveness due to the defferance of capital gains tax as it does not trigger a taxable event.
Got it! Thanks for the explanation. So a kind of way to show “proof of reserves” and not have to trigger taxable event!
Yes sure had to be that way
Institutions can change the rules anytime. Bitcoin rules remains the same.🎯
So the 'chosen ones' by BlackRock can dedollarize and credit their assets outside the conventional system? Here, I can indulge in aluminum hat speculation and theories about the dollar, or we can simply look at what the 'elites' are really doing.
BlackRock, I really wish you would keep your nefarious hands off Bitcoin.
I can't believe this shit 🧡⚡. Sorry
:0🤑
I wouldn’t be surprised if Microstrategy eventually did this as well.
Thank you ⚡🧡
