BlackRock Streamlines Spot Bitcoin ETF Submission to Enable Cash Redemptions (Crypto:BTC-USD)

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Black Rock (NYSE:BLK) has revised its application for a spot Bitcoin exchange-traded fund (BTC-USD) to allow cash redemptions, a change that could improve its chances of getting its product approved by the Securities and Exchange Commission.

The company filed an amendment late Monday Form S/1 which has changed its wording regarding redemption of baskets (blocks of 40,000 shares) of fund shares. “These transactions will be in cash,” the document said. If Nasdaq Stock Market LLC gives its consent, transactions can also be carried out in exchange for Bitcoin (BTC USD), It said.

This is in contrast to its previous filing, which noted that the transactions would only be in exchange for Bitcoin (BTC-USD).

The SEC has previously rejected all applications for spot Bitcoin ETFs, citing concerns about possible fraud. However, there are a number of spot Bitcoin applications that are still awaiting decisions from the regulator.

Optimism that the SEC would finally approve a spot Bitcoin (BTC-USD) has been growing since an August court ruling said the SEC had announced its rejection of Grayscale Investment's application to convert its Grayscale Bitcoin Trust (OTC:GBTC). into a Bitcoin ETF.

Others that have applied for spot Bitcoin ETFs include Invesco (IVZ), WisdomTree (WT), and Fidelity Investments.

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