"Hopefully, SEC Commissioner Hester Peirce isn’t playing when she says she’ll reconsider in-kind redemptions for spot bitcoin ETFs."
"If Peirce can work with the incoming SEC Chair, Paul Atkins, to facilitate the approval of in-kind redemptions then the spot bitcoin ETFs can serve as some of the biggest on-ramps to Bitcoin, as Bitwise co-founder Hong Kim put it, as opposed to simply existing as speculation vehicles.
(For those who aren’t familiar with the term “in-kind redemption,” it refers to the ability to withdraw the bitcoin you’ve purchased via an ETF into your own custody. In essence, it turns a bitcoin IOU into the real thing.)"
source:
https://bitcoinmagazine.com/takes/we-need-in-kind-redemptions-for-the-spot-bitcoin-etfs