Nasdaq is now looking to make it easier for Bitcoin exchange-traded funds (ETFs) to operate.

The exchange has filed with the U.S. Securities and Exchange Commission (SEC) to allow “in-kind” bitcoin redemptions for BlackRock’s iShares Bitcoin Trust (IBIT).

This will make the bitcoin ETF more institutional friendly and reduce redemptions costs.

Part of Nasdaq’s filing

If approved, Authorized participants (APs) will be able to redeem ETF shares for bitcoin itself instead of cash. Up until now, bitcoin have been must be sold to deliver cash to investors, a process that has been called out as complicated and costly.

The proposal calls this “an alternative…

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