00:00 It's Benzinga and here's what's on the block.
00:02 Major applicants for a spot bitcoin ETF in the US like BlackRock and Cathie Woods ARK Invest
00:07 have updated their filings with the SEC to comply with the SEC's demand for a cash-only
00:11 model for creations and redemptions. The amendments relate to using a cash creation
00:15 and redemption model for proposed spot bitcoin ETFs with BlackRock and ARK accepting cash
00:19 redemptions rather than in-kind redemptions involving bitcoin. Both ARK's and BlackRock's
00:24 filings indicate plans for ETFs that may include in-kind creations and redemptions pending regulatory
00:29 approval. The SEC's demand for a cash-only model means authorized participants can only obtain
00:34 more ETF shares by bringing cash and not bitcoin, making it clear where the ETF gets its bitcoin
00:38 from. For all things money visit Benzinga.com
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