Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Fidelity held meeting with SEC about spot bitcoin fund, submitted presentation about ETF workflows

Fidelity held meeting with SEC about spot bitcoin fund, submitted presentation about ETF workflows

The BlockThe Block2023/12/08 21:09
By:Nathan Crooks

Fidelity held a meeting with the Securities and Exchange Commission on Dec. 7 about its proposed spot bitcoin ETF.

Fidelity held meeting with SEC about spot bitcoin fund, submitted presentation about ETF workflows image 0

Asset management giant Fidelity held a meeting with the Securities and Exchange Commission on Dec. 7 about its proposed spot bitcoin ETF, according to a memo on the regulator's website. 

Fidelity provided the regulator with a presentation entitled "Bitcoin BTC +2.33% ETF Workflows" that included slides that detailed "In-Kind" creation and redemption models. 

"Arbitrage and hedge are more efficient with physical creations," the presentation stated. "Self-clearing ETF market maker firms can facilitate efficient arbitrage in acting as Agency AP for non-self-clearing ETF market maker firms with Crypto Affiliates. Allowing for physical creation and redemption is critical to enhance trading efficiency and secondary market pricing for all participants."

Bitcoin's price has surged over the past weeks as the market has anticipated what could be the final steps toward a decision from the SEC about applications it's been reviewing for proposed spot ETFs. Amid multiple amendments to filings and memos about meetings, regulators and asset managers have seemed to be focusing on technical aspects of how the proposed funds would work, if approved. 

"Create/redeem language includes both in-kind and cash still," Bloomberg Intelligence analyst James Seyffart wrote on X earlier Friday, commenting about an amended filing for VanEck's proposed spot bitcoin ETF. "Looking more and more like everyone will leave that optionality in their S-1’s but 19b-4 approvals may only allow cash creates — at least to start."

BlackRock meeting

In a Nov. 28 meeting between the SEC and BlackRock about its proposed spot bitcoin ETF, the asset manager submitted a presentation about a "Revised In-Kind Model Design." 

"During our 11/20 meeting with Trading Markets staff, we understood the SEC has certain unresolved questions around the In-kind model relating to balance sheet impacts and risks to the Market Maker’s U.S. Registered Broker/Dealer entity (“MM-BD”, as distinct from the Market Maker’s unregistered entity (“MM-crypto”)) during the redemption flow," BlackRock said in a presentation submitted to the SEC. 


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

ESUSDT now launched for futures trading and trading bots

Bitget Announcement2025/07/16 11:12

New spot margin trading pair — CROSS/USDT, TAC/USDT!

Bitget Announcement2025/07/16 08:07

Subscribe to TANSSI Savings and enjoy up to 15% APR

Bitget Announcement2025/07/15 11:00

TACUSDT now launched for futures trading and trading bots

Bitget Announcement2025/07/15 10:40