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Fidelity Submits SEC Request for In-Kind Redemption in Bitcoin Spot ETF
Fidelity Investments has formally applied to the U.S. Securities and Exchange Commission (SEC) for approval to utilize an in-kind creation and redemption process for its Bitcoin Spot ETF, tagged with the ticker FBTC. Bloomberg Intelligence ETF research analyst James Seyffart confirmed the development via X (formerly Twitter).
"Many accounts are reporting that Fidelity can now perform in-kind creation/redemption for their Bitcoin ETF, but it’s not true yet," Seyffart clarified in a post dated July 23, 2025. "The SEC hasn’t granted approval for this mechanism. We do anticipate the regulator will eventually allow it, but no decision has been made as of now."
Addressing Rumors Surrounding Fidelity's ETF Structure
Rumors have been circulating on X suggesting that Fidelity has already implemented in-kind redemption capabilities. However, Seyffart quickly set the record straight, stating, "The SEC has not yet approved in-kind redemptions for Fidelity," though he added that approval seems likely in the near future.
Broader Push for In-Kind Redemption Models Across ETF Issuers
Fidelity is not the only asset manager exploring in-kind redemption mechanisms. Industry heavyweights such as ARK 21Shares, Galaxy Digital, WisdomTree, VanEck, and Invesco Galaxy have also filed similar amendments with the SEC to include this functionality in their Bitcoin spot ETF offerings.
This trend extends beyond Bitcoin (BTC) spot ETFs. Ethereum (ETH) spot ETF applicants are also following suit, proposing similar changes to their filings. In fact, the Chicago Board Options Exchange (Cboe) recently updated listing applications for five ETFs to incorporate in-kind structures.
Why In-Kind Redemptions Are Crucial for Bitcoin and Crypto ETFs
The in-kind redemption process allows ETFs to directly exchange their holdings for the underlying asset—Bitcoin in this instance—without liquidating into cash. While such structures are already a standard feature in traditional ETFs, they have yet to be implemented in crypto-based ETFs. Experts argue that, if approved, this approach could significantly improve the operational efficiency of cryptocurrency ETFs, boost liquidity, and reduce taxable events for investors.
"This model is primarily designed to serve institutional investors rather than retail traders," Seyffart explained. "Still, this development is being closely watched by the crypto community, as it could have far-reaching implications for market structure."
SEC Likely to Reach a Decision by October
The SEC is expected to announce its decision regarding Fidelity's proposal by mid-October. "The SEC’s key deadline for in-kind structure approval will fall around October 10," Seyffart noted. "We expect all pending applications—including this one—to be approved by then." He further mentioned that Cboe’s recent filings signal that both regulators and issuers are making steady progress in ironing out the details.
Despite this optimism, the SEC continues to juggle decisions for hundreds of pending cryptocurrency ETF applications. This includes numerous proposals to transition approved multi-asset funds into ETF structures.
Bitcoin ETFs Experience Consecutive Outflows, Mostly from Institution-Dominated Funds
In recent market activity, Bitcoin ETFs saw three consecutive days of net outflows, largely attributed to profit-taking by institutional investors. Following Bitcoin’s surge to $123,000, its price has entered a correction phase.
PassivInvest reported net outflows of approximately $285.2 million over three trading sessions, with a sizable chunk coming from the ARK 21Shares Bitcoin ETF (ARKB). On the other hand, BlackRock's iShares Bitcoin Trust (IBIT) bucked the trend, recording no outflows and instead registering a single-day inflow of $142.6 million on Wednesday.
Market analysts stress that institutions remain the primary drivers of the current bullish momentum. Burak Kesmez, an analyst at CryptoQuant, stated, "On-chain metrics and Google Trends indicate that Bitcoin search volume is still subdued. We aren’t seeing the type of retail fervor that emerged in 2021." He cautioned further, "Ironically, an influx of retail investors might signal the beginning of a market peak."
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