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The Cboe BZX Exchange, Inc. has proposed a new rule change that would allow the VanEck Bitcoin Trust and the VanEck Ethereum Trust to engage in in-kind creation and redemptions. This means that authorized participants could create or redeem shares using bitcoin or ether directly, instead of cash. The goal is to improve efficiency and reduce the impact on the market by allowing these transactions to occur with the underlying cryptocurrency rather than cash. The proposed change is being reviewed by the Securities and Exchange Commission, which is seeking public comments before making a decision.

The Cboe BZX Exchange submitted a proposal to the Securities and Exchange Commission (SEC) to change the rules for trading shares of the VanEck Bitcoin Trust and VanEck Ethereum Trust. This change would allow in-kind creations and redemptions of these shares. The SEC typically has 45 days to approve or disapprove such proposals, but they have decided to extend this deadline to June 3, 2025, to take a closer look at the proposal. This extension will give the SEC more time to consider the details and implications of the proposed changes.