On July 23, Bloomberg ETF analyst James Seyffart wrote that recently, five funds listed on CBOE submitted revised documents to the SEC, indicating that the regulatory agency is actively communicating and making detailed adjustments, potentially paving the way for a physical subscription and redemption mechanism.
It is worth noting that this mechanism is only applicable to authorized participants (such as large Wall Street institutions and market makers), and ordinary investors cannot directly exchange ETF shares for Bitcoin or Ethereum spot assets.
