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Today in crypto, Nasdaq proposes a rule change for BlackRock’s spot Bitcoin ETF, venture capital firm Andreessen Horowitz plans to leave the United Kingdom, MicroStrategy may have to pay taxes on its unrealized Bitcoin gains.
Nasdaq seeks amendment to BlackRock’s Bitcoin ETF for in-kind redemptions
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.
Nasdaq proposed “to allow for in-kind transfers of the Trust’s Bitcoin,” as per a Jan. 24 filing with the US Securities and Exchange Commission (SEC).
The filing stated that Authorized Participants — institutions that facilitate the creation and redemption of fund shares — would be able to use either cash or Bitcoin to create shares or receive cash or Bitcoin when redeeming shares.
Andreessen Horowitz to close UK office to focus on US crypto efforts
Venture capital firm Andreessen Horowitz will be pulling back its operations in the UK in response to US President Donald Trump’s “strong policy momentum” on crypto.
In a Jan. 24 X post, Anthony Albanese, chief operating officer of Andreessen Horowitz’s crypto arm, said the firm had been encouraged by “enthusiasm for crypto building and adoption” in the UK but still planned to close its office.
According to Albanese, the venture capital company intended to focus its efforts on the US market based on Trump’s actions during his first week in office.
“This doesn’t change our confidence in the UK’s growing role in crypto and blockchain,” said the a16z Crypto chief operating officer. “We will continue to invest in great entrepreneurs no matter where they are in the world, including the UK. We also remain ready to help the UK with its ongoing crypto efforts.”
The venture capital firm opened its London crypto office in 2023, saying at the time the country was a “predictable business environment.”
