Type:Notice
Citation:90 FR 9446
Reading Time:about 21 minutes
The Nasdaq Stock Market LLC has proposed a rule change to the Securities and Exchange Commission (SEC) related to shares of the iShares Bitcoin Trust. This proposal will allow "in-kind" transfers of bitcoin, alongside the existing cash process, in the trust's creation and redemption of shares. The change aims to enhance efficiency by letting specific participants source bitcoin themselves, which may reduce the trust's market impact and benefit investors. The SEC is seeking public comments on this proposal.
Simple Explanation
In a plan to change the rules, Nasdaq wants to allow a special kind of swap called "in-kind" for how a trust that handles Bitcoin lets people buy and sell shares. This would make things run smoother and possibly save money.