According to reports, BlackRock wants to significantly restructure the board of directors for IBIT, its flagship Bitcoin ETF. Lindsey Haswell will take over in a pivotal capacity, succeeding Kimun Lee, beginning of November 6, 2024.
At MoonPay, a Web3 payment firm, Haswell now serves as Chief Legal and Administrative Officer.
BlackRock Names Haswell During Three Days in a Row with No Netflows
She has a long history, having held founder member of the Core blockchain and comparable positions at Blockchain.com. Her experience is therefore expected to contribute creative governance to BlackRock’s IBIT.
Remarkably, in terms of assets under management, BlackRock’s IBIT is the second-largest spot Bitcoin ETF. This governance reform comes at a critical time for IBIT, which just saw the end of its 71-day run of continuous inflows, reporting zero netflows over the past three days.
IBIT has continued to be a strong player in the market despite this peculiarity; this week, inflows into the fund were $57.6 million, while outflows from other spot Bitcoin ETFs occurred.
The abrupt stop to inflows and outflows begs a number of concerns regarding the mechanics at work in the ETF. Rajat Soni, a financial analyst, has expressed concerns over these numbers’ openness.
“How is it possible that on April 24, 25, and 26, there were no inflows or outflows from IBIT for three days in a row? Could it be that when clients sell, Blackrock doesn’t sell its holdings?” Soni asked.
On the other hand, James Seyffart, a Bloomberg ETF expert, provides a comforting viewpoint by stating that the trend of zero flow that has been observed is consistent with the general habits of the ETF market. He went on to say that in the event of slight discrepancies, market makers would handle share trading in the same manner as they would with stocks.
Seyffart asserts that substantial differences are necessary before market makers take action to create or redeem ETF shares.
April 2024, Cryptoniteuae
