US SEC Requests Feedback on WisdomTree Bitcoin (BTC) ETF Spot Redemption
JH Kim
Summary
- The U.S. SEC has reportedly requested feedback on allowing spot redemption of the WisdomTree Bitcoin (BTC) fund.
- It was reported that the spot redemption method allows ETF holders to receive BTC in-kind when selling the ETF, reducing selling pressure in the market.
- As of the 3rd, BTC was trading at $104,518.51, down 0.48% from the previous day on the Binance USDT market.
According to virtual asset (cryptocurrency) specialist media The Block on the 2nd (local time), the U.S. Securities and Exchange Commission (SEC) has requested feedback on whether to change rules to allow spot redemption of the WisdomTree Bitcoin (BTC) fund.
The spot redemption method refers to a system in which ETF holders receive BTC in-kind when selling the ETF.
This allows such transactions to be processed without selling BTC, thereby reducing selling pressure in the market.
Meanwhile, as of 05:06 on the 3rd, BTC was trading at $104,518.51 on the Binance Tether (USDT) market, down 0.48% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.