BlackRock Updates Bitcoin ETF Board: Reports

Black Rock

Lindsey Haswell joins BlackRock’s Bitcoin ETF board on November 6. However, the ETF experiences zero netflows for three consecutive days, breaking a 71-day streak. This prompts concerns about transparency regarding the ETF’s inflows and outflows.

BlackRock plans to make big changes to its board for the main Bitcoin ETF, IBIT. Lindsey Haswell will take over on November 6, 2024, replacing Kimun Lee. Haswell is currently the Chief Legal and Administrative Officer at MoonPay, a Web3 payment company.

BlackRock’s Bitcoin ETF Gets New Governance

BlackRock’s flagship spot Bitcoin ETF, IBIT, is undergoing significant changes in its board of directors. Lindsey Haswell, with an extensive background in blockchain technology, will replace Kimun Lee effective November 6, 2024. Haswell’s previous roles at and as a founding member of the Core blockchain make her a valuable addition to BlackRock’s governance team.

The timing of this governance transition is crucial for IBIT, as it recently faced a disruption in its 71-day streak of consecutive inflows. Over the past three days, IBIT reported zero netflows. Despite this temporary setback, IBIT remains one of the leading spot Bitcoin ETFs, boasting the second-largest assets under management.

Despite the recent halt in inflows, IBIT has demonstrated resilience in the market. In the previous week, it recorded inflows totaling $57.6 million, outperforming other spot Bitcoin ETFs that experienced outflows during the same period.

iShares Bitcoin Trust (IBIT) April Inflows. Source: SosoValue

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Concerns Over Transparency of BlackRock’s Bitcoin ETF

The recent interruption in inflows and outflows of BlackRock’s IBIT has sparked concerns regarding the transparency of the ETF’s operations. Finance analyst Rajat Soni has questioned how it’s possible for IBIT to experience zero inflows and outflows for three consecutive days (April 24, 25, 26). He raises the possibility that BlackRock may not be selling their holdings when clients sell, raising doubts about the ETF’s transparency.

Mixed Perspectives on Zero Flow Trend

ETF analyst James Seyffart from Bloomberg offers a contrasting perspective, suggesting that the observed zero flow trend is not uncommon in the broader ETF market. Seyffart explains that minor discrepancies are typically handled by market makers, who manage the trading of shares similar to stocks. He argues that significant discrepancies would be required to trigger market makers to create or redeem ETF shares.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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