Nasdaq, on behalf of BlackRock, is pursuing a potential change to the asset management firm's spot Bitcoin exchange-traded fund to allow for in-kind redemptions instead of cash.

Nasdaq filed an amended rule filing on Friday that would allow for redemptions and creations in kind for the iShares Bitcoin Trust, according to a Form 19b-4 filing. 

"The Exchange now proposes to amend representations regarding the Trust’s creation and redemption process as set forth in the previous rule filing to list and trade Shares, specifically to allow for in-kind transfers of the Trust’s bitcoin," according to the new filing. "The proposed in-kind transfer process will be an alternative to the Trust’s current cash creation and redemption process." 

Ahead of the SEC's approvals for spot bitcoin ETFs over a year ago, firms were hashing out technical details over how the redemption process would work for such a product. The SEC favored a cash model that required BlackRock to move bitcoin out of storage, sell it right away, and then give the cash back to the investor. 

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