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VanEck Bitcoin ETF (CBOE:HODL) amended and restated its Form of Authorized Participant Agreement, effective Thursday, to enable an in-kind creation and redemption process as an alternative to its existing cash creation and redemption process. The update was disclosed in a filing with the Securities and Exchange Commission.
According to the statement, the revised agreement allows authorized participants to create and redeem shares of the ETF using in-kind transactions, which typically involve the delivery of bitcoin rather than cash. This represents a change from the previous arrangement, which only permitted cash transactions for creating and redeeming shares.
The amendment is intended to provide flexibility in the management of the ETF’s share creation and redemption process. Details of the updated agreement are included as an exhibit in the SEC filing.
VanEck Bitcoin ETF is listed on the Cboe BZX Exchange under the ticker symbol HODL. The information in this article is based on a statement in a press release included with the company’s SEC filing.
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