BlackRock, ARK Invest, and other companies have made changes to their Bitcoin ETF filings in response to demands from the Securities and Exchange Commission (SEC). The SEC has requested cash redemption models for these funds, which would track physically backed bitcoin instead of bitcoin futures contracts. BlackRock, as the largest asset manager, has temporarily set aside in-kind redemption and will offer cash creation and redemption options to investors. The choice between in-kind and cash redemption models has implications for the fund's overall cost, with the cash redemption model potentially being more expensive for investors. The SEC's motive behind the cash redemption requirement may be to maintain oversight of the process and avoid broker-dealers directly handling bitcoin. The decision to enforce cash redemptions is not seen as a make-or-break factor for launching the first spot bitcoin ETFs.
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