BlackRock revises Bitcoin ETF application to attract Wall Street banks: BlackRock has updated its spot Bitcoin ETF application with a new in-kind redemption "prepay" model, allowing banks like JPMorgan and Goldman Sachs to participate without holding Bitcoin directly on their balance sheets. The revised model, presented to the SEC on Nov. 28, shifts risk from authorized participants to market makers and offers "superior resistance to market manipulation." BlackRock claims the new structure will also strengthen investor protections, lower transaction costs, and increase simplicity across the Bitcoin ETF ecosystem. The SEC must decide on the application by Jan. 15, with a final deadline set for March 15.