An interview similar to Blackrock?
It has been revealed that the US SEC held a meeting with the applicant, Fidelity, on the 7th of this week regarding the listing application for a physical virtual currency Bitcoin ETF.
At this conference, Fidelity presented presentation materials on the process of “in-kind” (delivery of physical goods), which is a method of issuance and redemption.
Fidelity’s main point is that “Arbitrage and hedging transactions are more efficient in-kind. Self-clearing ETF market maker firms are less likely to be self-clearing ETF market maker firms with cryptocurrency affiliates. Acting as a designated participant (designated participant) can facilitate efficient arbitrage trading. Enabling in-kind creation and redemption can improve trading efficiency and secondary market pricing for all participants. It is extremely important.”
Fidelity’s physical delivery mechanism is similar to BlackRock’s. BlackRock also recently presented to the SEC the reasons for choosing the physical delivery mechanism.
On the other hand, ARK Invest uses an “in-cash” method.
connection: BlackRock and Invesco meet again with the SEC regarding Bitcoin ETF listing application
At a recent meeting, the SEC and the applicant asset management company discussed technical aspects of physical or cash delivery. Amid multiple filing amendments and meeting memos, the SEC may soon approve a Bitcoin ETF, according to a Reuters report that interviewed industry executives on the 7th.
connection: SEC final stage of Bitcoin ETF review – Reuters report
Meanwhile, the SEC this week postponed its decision on Grayscale’s application to list the physical currency Ethereum (ETH) on an ETF.
connection: US SEC postpones decision on Grayscale’s Ethereum ETF listing application
connection:Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks
The price of Bitcoin (BTC) has returned to the 44,000 level again last night following the results of the US November employment statistics and this news from Fidelity.
CoinPost Special feature for virtual currency beginners
CoinPost official app (1.7.15) has been released on iOS and Android
・Improved display of in-app WebView
・Improved behavior when tapping notifications
— CoinPost (virtual currency media) (@coin_post) November 15, 2023