BlackRock has updated its #Bitcoin ETF proposal to allow "in-kind" redemptions, enabling investors to redeem shares for actual Bitcoin instead of cash.
Discussion
Uge if true
Will have to see when someone attempts to redeem
What does this even mean. You own shares and can sell them for bitcoin?
Yes. You can already redeem the shares for exact equivalent cash, instead you could withdraw the Bitcoin equivalent.
In theory, when someone sells, they have to or at least want to unload that owned Bitcoin anyway, it may be easier in the long run and gain more wtf bilusiness for them to just send the Bitcoin. Not sure, as I don't work for blackrock, haha
You own ETF shares,
When you want to exit the ETF (sale would be traditional), you'll be able give Blackrock a addr and receive a UTXO
wonder if that could be cheaper than buying KYC spot through an exchange
👀
I thought they already had an ETF? So it's not an ETF proposal, correct?
So if you buy iShares for 100k, Blackrock will buy bitcoin for 100k and then, let’s say the price of the bitcoin will appreciate 100% and you want to sell, you can either get 200k or you can get the bitcoin they bought for 100k?
Yeah for now
They can change the rules at any time
Hard pass for me it’s still getting head with a condom on
Imagine having to ask blackrock for your bitcoin lol fuck outta here no
Wow this is very bullish
How would this work if the shares are in a retirement account? Guessing with the repeal of SAB121 the Bitcoin is transferred to a custodial wallet?
Pretty wild.