BlackRock, Fidelity and others discuss details of spot Bitcoin ETF redemption model with U.S. SEC

The US Securities and Exchange Commission (SEC) has been discussing the technical details of a possible spot Bitcoin exchange-traded fund (ETF) with well-known investment companies including BlackRock and Fidelity, indicating that the agency may soon make a decision on whether to approve such a product.

Memorandum shows that these companies have met with the agency in the past few weeks to discuss the detailed information on the redemption process of spot Bitcoin ETF. Vivian Fang, a finance professor at Indiana University, said that the SEC seems to be in the review period and is finalizing the details that may be approved.

Fang revealed that BlackRock employees met with the agency on November 28 to discuss its iShares Bitcoin Trust and proposed a plan for a so-called "revised physical" model, which can provide asset management companies with more flexibility when investors want to redeem shares with underlying assets.