The U.S. Securities and Exchange Commission (SEC) issued an order on May 13 to commence proceedings that will determine whether to approve or disapprove a proposed rule change from the Nasdaq Stock Market LLC. The proposal seeks to amend listing and trading rules for Blackrock’s Ishares Bitcoin Trust to permit in-kind creations and redemptions of shares under Nasdaq Rule 5711(d), which governs commodity-based trust shares. This procedural action marks a new phase of regulatory review for the trust, which was initially approved for trading in January 2024.

Nasdaq filed the proposed rule change on Jan. 24, 2025. It was published in the Federal Register on Feb. 12, triggering an initial review period. On March 11, the SEC extended its decision deadline to May 13. The May 13 order formally institutes proceedings under Section 19(b)(2)(B) of the Securities Exchange Act of 1934. This step signals that the Commission has not reached a conclusion on the merits of the rule change and is seeking further analysis and public input. The SEC often uses this process for complex or novel proposals, particularly in the crypto space, to assess whether they meet legal standards designed to prevent fraud, protect investors, and promote fair trading.

The proposed rule change would modify the trust’s structure to allow for in-kind transfers of bitcoin, enabling authorized participants to create and redeem shares using bitcoin directly rather than cash. Nasdaq’s filing amends specific disclosures related to custody and the mechanics of creation and redemption, while leaving other aspects of the original approval intact.

The SEC is now soliciting public comments to evaluate whether these changes align with Section 6(b)(5) of the Act. Though the agency has made no final determination, it noted the need for closer scrutiny due to the legal and policy issues involved. Supporters of in-kind creation models argue they are better suited for crypto products and offer operational efficiencies that benefit market participants.

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