BlackRock's proposed spot bitcoin ETF gets a ticker in latest filing with SEC

Companies • December 18, 2023, 6:16PM EST

Published 1 minute earlier on

Quick Take

BlackRock’s proposed spot bitcoin exchange-traded fund now has a ticker: IBIT.
Updated filing includes new language about cash redemption vs. in-kind.

BlackRock's proposed spot bitcoin ETF was christened with the ticker IBIT, according to an amended S-1 filing on Monday with the Securities and Exchange Commission.

The updated filing also included new language about the creation and redemption mechanism to be employed by the fund, a topic of recent meetings between BlackRock and SEC officials.

"The Trust issues and redeems Baskets on a continuous basis," according to the filing. "These transactions will take place in exchange for cash. Subject to the In-Kind Regulatory Approval, these transactions may also take place in exchange for bitcoin."

Ark 21Shares and WisdomTree also filed amended S-1 filings with the SEC on Monday for their proposed spot bitcoin funds. The regulator has yet to approve one, although the market has surged amid optimism that a decision could be closer.

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Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn.