SEC Probes Crypto ETF Swaps: Bitcoin or Bust?
Published Date: 5/20/2025
Notice
Summary
The Cboe BZX Exchange wants to change the rules for trading shares of the ARK 21Shares Bitcoin and Ethereum ETFs to allow in-kind creations and redemptions, which means swapping actual crypto assets instead of cash. This could make trading smoother and possibly save money for investors. The SEC is now reviewing this change and will decide soon if it’s a go or no-go.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Crypto ETFs: In‑Kind Creation Proposed
You may be affected if you own or trade shares of the ARK 21Shares Bitcoin ETF or the 21Shares Core Ethereum ETF. The Exchange proposed to allow in‑kind creations and redemptions of the Trusts' bitcoin and ether, and the SEC instituted proceedings to review that proposal on May 14, 2025; public comments are due June 10, 2025 (rebuttals due June 24, 2025).
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