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Bitwise is the first to act on the SEC\u2019s rule change, though analysts say it\u2019s a backend fix, not a retail breakthrough.<\/p>\n
The US Securities and Exchange Commission\u2019s recent decision to let crypto ETF issuers swap Bitcoin and Ether directly for fund shares represents a structural upgrade, not a retail revolution, analysts say. <\/p>\n
Bloomberg\u2019s Eric Balchunas called the change \u201ca plumbing fix,\u201d noting it won\u2019t meaningfully affect how everyday investors interact with crypto exchange traded funds. \u201cThis doesn\u2019t mean retail can exchange IBIT for actual bitcoin,\u201d he wrote on X, \u201cbut it shows the SEC is ready to treat crypto like a legit asset class.\u201d<\/p>\n
The change, announced Tuesday, allows asset managers to exchange crypto tokens directly for ETF shares, instead of using cash. Known as in-kind creations and redemptions, the move cuts out conversion fees, improves price accuracy and makes the ETFs more efficient, ultimately benefiting investors through lower costs and tighter spreads.<\/p>\n
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