BlackRock has presented the physical model design of its spot Bitcoin ETF to the U.S. SEC

ChainCatcher news, Bloomberg senior ETF analyst Eric Balchunas stated on his social media that BlackRock has met again with the U.S. Securities and Exchange Commission (SEC) Trading and Markets Division, presenting its "revised" physical model design for a spot Bitcoin ETF. In the new model, offshore entity market makers obtain Bitcoin from Coinbase and then prepay cash to U.S.-registered broker-dealers (who are not allowed to touch Bitcoin).