The in-kind redemption model is seen as a more efficient option for the spot Bitcoin ETF and should have been allowed from “the get-go,” says an ETF analyst.

Nasdaq has submitted a filing on behalf of asset manager BlackRock, seeking a rule change to permit in-kind creation and redemption for its spot Bitcoin exchange-traded fund (ETF).

Bloomberg ETF analyst James Seyffart said in a Jan. 24 X post that BlackRock “should have been allowed to do this from the get-go” when the BlackRock iShares Bitcoin Trust (IBIT) launched alongside the other ten US spot Bitcoin 

 ETFs in January 2024.

On the same day as the filing, six more crypto ETF applications were filed in the US.