/biz/ - Business & Finance

No.. no..NO this can’t be happening.. I’VE BEEN WAITING ALL FUCKING BEAR MARKET TO MAKE IT DONT DO THIS TO MEEEEE

>>57096807
you can read blackrock's filing here
>https://www.sec.gov/Archives/edgar/data/1980994/000143774923028549/bit20231017_s1a.htm
it clearly states in-kind for bitcoin.
so much for 'blackrock get's whatever they want'.
so much for a 90% approval chance.
about to be '575 - 2' etf's approved, unless of course they drop bitcoin redemption entirely and settle in cash.
but that's not what blackrock wanted, nor all the crypto astroturfers.

why would it be rejected for being 1:1 backed by the actual asset in question?

she just made that up lol

>>57096768
Grayscale already filled it today you mongol

>>57096768
>>57096930
It's not what 'in-kind' or 'in-cash' means, retardo.

In-kind means that buyers have to play Blackrock with BTC to get their ETF

In-cash means that buyers can use cash to buy the ETH

fud and etf isn't already priced in faggot.

>>57096947
because the "journalist" is lying

>>57096960
>ETH
ETF

>>57096957
yeah no shit

Room temp iq fud for people that can't easily research what in kind actually means.

>>57096947
because then it could not be used to dilute the value of the underlying asset. Like they do with paper gold and silver. Must be the reason for the dip.

A "spot" ETF always has to hold the commodity or item that's being offered as a security.

>>57096985
BTC stores are easily trackable compared to gold or silver stores.

>>57096985
Precisely this. They’ll try to make it illegal to buy btc outright but will allow you to purchase this etf in your heckin 401k.
Either way I don’t care, jews rape kids, and I’m gonna keep doing self custody of my crypto.

>>57097017
Trump took Eric to Epstein Island

>>57096947
Its still 1:1. Its just that they have to flip BTC to cash, then put the cash in the fund the flip it back to BTC. Why? Because the SEC are petty assholes that want to create needless taxable events. That's the only difference though. The fund still has to buy BTC to match 1:1 every share. Its just makes holders realize taxes sooner than later.

>>57096985
>>57097017
Nothing to do with that since gold and other commodity ETFs are in-kind but are accused of being "paper," if the BTC etf was truly paper you'd just see a divergence in the spot BTC vs ETF price.

>>57096930
>so much for a 90% approval chance
approval chance is at 100
you can only gamble on the date now

>>57096768
I still don't understand why a spot ETF is necessary. The BTC Futures ETFs like $MAXI and $BITO already follow BTC's price action and can only be traded during market hours.
Why is there so much concern about a spot ETF?

>>57097064
lets wait until the 29th comrade
>>57097053
>gBTC - 60% spot

>>57097008
Oh yeah maybe by using trusted intermediaries like 3 arrows capitol or any of the other half a dozen recently imploded 'crypto companies at the forefront of innovation'.

>>57097074
Yeah GBTC is a great example. no 1:1 exchange means the price won't peg. Retards always think for some reason derivatives just magically stay pegged when pegs are only maintained by active arbitrage. Any time that doesn't happen like stablecoins that lose their collateral, bridged assets that get hacked, GBTC, or exchanges that stop withdraws, they depeg immediately. The 1:1 exchange is what pegs the ETF to the spot price. Buying 1 BTC worth of the ETF will result in one ETF being bought and put in the fund, the question for in-kind/cash is just who does that buy.

>>57097127
I mean buying 1 BTC worth of the ETF will result in one BTC being bought and put in the fund

>>57097134
>>57097127
the ETF is bearish as fuck
10k is programmed

>>57096960
first stage of grief is always denial.

>>57096768
post short.

yep I'm thinking 10k is programmed

bullish

>>57097165
Sorry I get it now, it's an ill-intended bobonigger cope thread begin with, my bad for thinking you misunderstood the tradfi lingo

>>57096930
>https://www.sec.gov/Archives/edgar/data/1980994/000143774923028549/bit20231017_s1a.htm
After reading it, it looks pretty bullish for crypto. Blackrock is just looking to collect fees from retirement funds looking to acquire exposure to BTC. Coinbase being the custodian is reassuring.

>>57097271
yeah lets steal them pensions
we just bribe the SEC
this marks the end of the crypto expansion
we are in the laggards phase

>>57097284
Yeah they could fire up the tether printer. But the inrush of IRA's looking for exposure to BTC gains will be like a tidal wave.

>>57097319
And a massive fucking payday for Blackrock and likely Coinbase by association.

America gets paper BTC controlled by Blackrock. The rest of the world gets infinite financial innovation and wealth. America just keeps losing.

>>57097165
as in denial that you don't know how an ETF works?

>>57096768
10k death candle after full confirmation of etf denial

>>57097256
>>57097462
>As previously reported, multiple spot Bitcoin ETF filers have been rushing to update their S-1 filings with the cash redemption model, REPLACING IN-KIND REDEMPTIONS, which imply non-monetary payments like Bitcoin.
you may only redeem in cash, never the btc itself.
even funnier to see dumbass redditors supposedly in finance and are as intelligent as you would expect, which is not intelligent at all.

>>57097074
>comrade
who

>>57097319
>Yeah they could fire up the tether printer
tether doesn't print anything
they have 90 billion worth of t-bills
you can't fake t-bills, genius

>>57097655
>you may only redeem in cash

>>57097703
The only audit tether ever got was by some off-brand accounting firm in Italy.
Considering their close association with the wash trading scam artists at Bitfinex who were banned from dealing with US customers years ago, I would take anything they claim with a healthy dose of skepticism.

>>57097990
You still don't get it, anon. Tether has become a major player in buying up US treasuries. The US government is dependent on Tether buying their debt. That's why they're not going after Tether.

>>57098012
I see. Guess that's why they only got a slap on the wrist from the NYAG. And why they're so fast with the freezing of the illicit wallets.

>>57096768
>Laughs in i knew this would happen
if you didn't know btc is a dumping boat you're completely delusional and objectively stupid. Right now you're either making money on lowcap gems on solana or marketing on viralx campaigns or you're slowly diluting your profit margins.

>>57097990
>audit
the audit is to asses the situation of the transfers, who they got the money from
YOU CANNOT FAKE HAVING T-BILLS
the US treasury is not going to send you money on interest for short term debt purchases over your fake t-bills
the audit that they keep dodging is unrelated to how many t-bills they have, their purchases have been made on official dealers and everyone knows how much they have, the treasury department knows who they're sending money to (their cayman islands bank)

this idea that you can just PRETEND to have 90 BILLION in t-bills is absolutely ludicrous and was never in question by anyone serious

>>57097655
>you may only redeem in cash, never the btc itself
I guess in the end you are not in denial and you actually just don't know what that means.

>>57097338
so..buy Bitcoin?

>>57096947
The US won't even allow a BANK that backs loans against assets 1:1, let that sink in. See Custodia's battle with the State of Wyoming.

Grayscale just filed another amended S-3
knee bent

>It's not a *real* recession!
>It's not a *real* ETF
cope, chudsters. you missed the bottom

>>57097073
the idea is that these financial institutions will have to buy up massive amounts of actual btc to fulfill demand for these spot etf and supply is obviously limited

you guys are missing what this means

black rock will buy a shit load of btc to fund their etf purchasers

customers will purchase the etf

customers will sell the etf for cash

the btc that is used for the etf will be taken out of circulation and wont be returned

this effectively creating a floor price for btc that is being taken out of circulation and not returned.

>>57098653
thanks anon.
>>57098582
now 'will you kindly suck my dick' slave.

>>57098739
I'd like to agree with this. But with paper BTC, won't it be subject to manipulation like silver & gold are? This is bankers "taming" bitcoin.

>>57096947
>why would the SEC reject an asset thath as a fake price due tether proping it up

do you tards realize this was all a big pnd to short MSTR

>>57097073
WTF, Nasdaq already gives access to these? I thought it was only Germany and Canada at the moment.

Is everyone in this thread just LARPing or are you all actually this retarded

Fake and homosex

>>57099112
you're 'this' retarded.

>>57096947
To serve the jews. The SEC jew is a jew in case you are too subverted to notice.
>you are

>>57097990
>close association
Aren't they owned by the same people?
>>57098416
>PRETEND to have 90 BILLION in t-bills
That's not the only thing they hold.

>>57096768
no one cares about nigger ETF's. only paid narrative script niggers.

>>57098881
Not an argument so I'll accept your concession about your lack of knowledge on the matter.

>>57099419
I thought they don't want to have to pay out in BTC because then they would have to hold 1:1 BTC for ETF.

>>57099485
>then they would have to hold 1:1 BTC
I read somewhere (here on /biz/ probably) that they'll still have to hold 1:1 BTC.
I hope that's the case.

Thinking of trying to get this in my 401k

>>57096768
just dump to 12k already AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

>>57097073
The emphasis is not on the ETF itself but the "spot" part, so institutions have to actually buy and custody BTC and this fits very well with a good with limited supply like BTC.
As you said there are already "futures" ETF that simply track the price of BTC but they don't have to hold "psychical" Bitcoins.

>>57098653
>>57098881
>>57099485
you purchase the ETF with cash
they use the cash to buy the asset
the asset can't be redeemed through the ETF, whatever value the asset has at time of redemption, it's delivered and settled in cash

do you understand it now?

the reason bears are confused is because they don't trade
so everything seems like it's written in moon runes to bears

>>57099264
Yeah same fucking scam artist shitbags. Anyone who thinks tether is good for crypto is a fucking retard.

>>57098895
cash redemptions allow lending in excess of underlying. they have unlimited access to liquidity and so no risk of bank run. this wouldnt be the case of spot, customers could call bullshit.