BlackRock executives held another meeting with the Securities and Exchange Commission (SEC) on Tuesday to discuss the firm’s application to launch a Bitcoin (BTC) spot ETF in the United States. Based on publicly released notes from the meeting, the asset manager has modified its ETF blueprint to strike a compromise with the SEC between both groups’ ideal vision for a Bitcoin redemption model. As proposed last week, BlackRock’s “in-kind” redemption model was a six-step process for two separate market maker entities to adjust the supply of ETF shares on the market and redeem them directly for BTC. The SEC has shown disagreement with BlackRock and other applicants – including Grayscale and ARK – over this model.
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