Subject to the In-Kind Regulatory Approval, these transactions may also take place in exchange for bitcoin." This move towards a cash redemption model prompted Bloomberg Intelligence analyst Eric Balchunas to note, "BlackRock has gone cash only," signaling a notable development in the ongoing discussions with SEC officials. While BlackRock appears to lean towards an "in-kind" redemption model for greater portfolio management flexibility, the SEC seems to favor a cash model, requiring immediate sale of bitcoin for cash redemption. Notes from recent engagements with regulatory bodies reveal that companies such as BlackRock and Fidelity are actively addressing the complexities of the redemption process associated with a spot bitcoin ETF. Looking into the industry, while there was a huge surge in bitcoin ETF application in 2023, there has also been reapplication with multiple firms such as Ark 21Shares and WisdomTree, filing amended S-1 documents for their proposed spot Bitcoin funds.