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The approval process for the Spot Bitcoin 
$107,316 ETF has faced significant hurdles, particularly under Gensler’s leadership at the SEC. During that period, all issuers, including BlackRock, were required to remove specific features from their ETF filings. Recently, with the new SEC administration under Trump, the organization has taken a step to evaluate these requests, confirming its pro-crypto stance, though a final decision has yet to be made.
BlackRock BTC ETF Approval
BlackRock sought the approval for in-kind transfers in the share creation and redemption processes for the iShares Bitcoin Trust. This feature was previously removed from the filing due to objections from the SEC last year. Recently, BlackRock filed a new request with the SEC to enable in-kind transfers, which the SEC has accepted for review. If approved, this change would allow transactions with Bitcoin similar to cash transactions.
Currently, Authorized Participants can create shares by providing cash to the Trust or redeem shares for cash. Upon approval, they will also be able to perform these actions using Bitcoin, effectively bypassing the conversion to cash. BTC transfers will be executed through Coinbase Custody.
This development is significant as it allows investors to trade directly with BTC, potentially increasing the fund’s liquidity. Additionally, the costs associated with the ETF will decrease as payments can be made in BTC.
The SEC has accepted the proposal for review and is now gathering public comments. A decision on the application is expected within 45 to 90 days.
