{"id":213486,"date":"2025-07-30T08:50:55","date_gmt":"2025-07-30T08:50:55","guid":{"rendered":"https:\/\/cryptonews.com\/it\/?p=213486"},"modified":"2025-07-30T08:50:55","modified_gmt":"2025-07-30T08:50:55","slug":"sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/","title":{"rendered":"SEC, riscatti in-kind per ETF Spot su BTC ed ETH: che significa?"},"content":{"rendered":"<p class=\"wp-block-paragraph\">La SEC ha ufficializzato<a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2025-101-sec-permits-kind-creations-redemptions-crypto-etps\" target=\"_blank\" rel=\"noreferrer noopener\"> <strong>una svolta storica per gli ETF su Bitcoin ed Ethereum<\/strong><\/a><strong> ,<\/strong>che permetteranno di riscattare le quote <em>in-kind,<\/em> in natura, ovvero in criptovalute, invece che in contanti. Una decisione che allinea gli ETF crypto agli standard applicati per gli ETP sulle materie prime, come l\u2019oro.<\/p><p class=\"wp-block-paragraph\">Inoltre, conferma l\u2019intenzione della SEC di costruire <strong>un quadro normativo pi\u00f9 moderno e funzionale<\/strong> per gli asset digitali. Non a caso il presidente <strong>Paul S. Atkins<\/strong> l\u2019ha definito \u201c<em>un nuovo giorno<\/em>\u201d.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">I&#39;m pleased to share the SEC approved in-kind creations and redemptions for crypto ETPs. The approvals continue to build a rational regulatory framework for crypto, leading to a deeper and more dynamic market, which will benefit all American investors. <a href=\"https:\/\/t.co\/UbQ9pXlBpD\">https:\/\/t.co\/UbQ9pXlBpD<\/a> <a href=\"https:\/\/t.co\/DX8ub16Ey3\">pic.twitter.com\/DX8ub16Ey3<\/a><\/p>&mdash; Paul Atkins (@SECPaulSAtkins) <a href=\"https:\/\/twitter.com\/SECPaulSAtkins\/status\/1950292054409457936?ref_src=twsrc%5Etfw\">July 29, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><h2 class=\"wp-block-heading\">Perch\u00e9 questa decisione \u00e8 cos\u00ec importante?<\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">La decisione della SEC di autorizzare i riscatti <em>in-kind<\/em> per gli ETF su Bitcoin ed Ethereum, sebbene a prima vista possa sembrare poco importante, non lo \u00e8 affatto. <\/p><p class=\"wp-block-paragraph\">Fino a oggi, chi voleva <strong>uscire da un ETF<\/strong> doveva ricevere contanti, obbligando il fondo a vendere le crypto sottostanti. <\/p><p class=\"wp-block-paragraph\">Con il nuovo meccanismo, invece, gli investitori potranno ricevere direttamente BTC o ETH. Questo riduce i costi di gestione, migliora l\u2019efficienza fiscale, offre maggiore controllo sull\u2019investimento e allinea gli ETF crypto agli standard tradizionali. <\/p><h2 class=\"wp-block-heading\">Ma le novit\u00e0 non finiscono qui<\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">Oltre ai riscatti in-kind, <strong>la SEC ha dato luce verde<\/strong> a un altro tassello chiave per l\u2019integrazione degli ETF crypto nei mercati finanziari: l\u2019introduzione delle opzioni sugli ETF spot su Bitcoin.<\/p><p class=\"wp-block-paragraph\">Questo significa che gli investitori<strong> potranno ora utilizzare strumenti derivati,<\/strong> come le opzioni call e put,  anche sugli ETF Spot, e non solo su quelli sintetici o sui future. Questo aumenta la flessibilit\u00e0 operativa, soprattutto per gli operatori istituzionali e per chi adotta strategie di copertura o di speculazione pi\u00f9 sofisticate.<\/p><p class=\"wp-block-paragraph\">Ma c\u2019\u00e8 di pi\u00f9: <strong>la SEC ha anche moltiplicato per dieci<\/strong> il limite massimo di posizione sulle opzioni di questi ETF. Il tetto passa da 25.000 a 250.000 contratti, ampliando lo spazio di manovra per i grandi investitori e rendendo questi strumenti molto pi\u00f9 interessanti per il mercato dei derivati.<\/p><p class=\"wp-block-paragraph\">Una decisione che apre le porte a un\u2019esplosione del mercato dei derivati crypto, come sottolineato anche da<a href=\"https:\/\/x.com\/EricBalchunas\/status\/1950300674832605414\"> <strong>Eric Balchunas di Bloomberg.<\/strong><\/a><\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">An issuer just wrote me: &quot;This is huge.. and will create explosion of option based bitcoin ETFs.&quot; <a href=\"https:\/\/t.co\/z3UtoGucgd\">https:\/\/t.co\/z3UtoGucgd<\/a><\/p>&mdash; Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1950300674832605414?ref_src=twsrc%5Etfw\">July 29, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><p class=\"wp-block-paragraph\">Tutti questi aggiornamenti sono gi\u00e0 operativi e sottlineano il nuovo corso della SEC, sempre pi\u00f9 orientata a integrare gli asset digitali nei mercati regolamentati. Un trend iniziato con <strong>l\u2019approvazione degli ETF spot <\/strong>e ora rafforzato dal <strong><a href=\"https:\/\/cryptonews.com\/it\/news\/cosa-cambia-il-genius-act-per-chi-ha-investito-in-xrp\/\">Genius Act<\/a><\/strong> firmato da Donald Trump.<\/p><p class=\"wp-block-paragraph\">E non \u00e8 finita: secondo <strong>James Seyffart,<\/strong> anche i prossimi <strong>ETF sulle altcoin<\/strong> potrebbero includere fin da subito le stesse funzionalit\u00e0 in-kind. <\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">In-kind creation \/ redemption has been approved for both spot Bitcoin and spot Ethereum ETFs. The coming approvals for alt coin ETFs likely going to allow in-kind from the get go. More movement in right direction IMO <a href=\"https:\/\/t.co\/grWhH8IK4B\">https:\/\/t.co\/grWhH8IK4B<\/a><\/p>&mdash; James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1950292024302739793?ref_src=twsrc%5Etfw\">July 29, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>Scopri cosa sono i riscatti in-kind negli ETF su Bitcoin ed Ethereum, perch\u00e9 rappresentano una svolta storica e quali vantaggi offrono agli investitori.<\/p>\n","protected":false},"author":141,"featured_media":213508,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[45,116,53],"editors":[2173],"sponsored_companies":[],"class_list":["post-213486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","tag-bitcoin","tag-etf","tag-ethereum","editors-christian-boscolo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC, riscatti in-kind per ETF Spot su BTC ed ETH: che significa?<\/title>\n<meta name=\"description\" content=\"Scopri cosa sono i riscatti in-kind negli ETF su Bitcoin ed Ethereum e quali vantaggi offrono agli investitori.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC, riscatti in-kind per ETF Spot su BTC ed ETH: che significa?\" \/>\n<meta property=\"og:description\" content=\"Scopri cosa sono i riscatti in-kind negli ETF su Bitcoin ed Ethereum e quali vantaggi offrono agli investitori.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/\" \/>\n<meta property=\"og:site_name\" content=\"Cryptonews Italia\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-30T08:50:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/8\/2025\/07\/30084721\/1753865241-sec-in-kind.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:description\" content=\"Scopri cosa sono i riscatti in-kind negli ETF su Bitcoin ed Ethereum e quali vantaggi offrono agli investitori.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/8\/2025\/07\/30084721\/1753865241-sec-in-kind.jpg\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC, riscatti in-kind per ETF Spot su BTC ed ETH: che significa?","description":"Scopri cosa sono i riscatti in-kind negli ETF su Bitcoin ed Ethereum e quali vantaggi offrono agli investitori.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/","og_locale":"it_IT","og_type":"article","og_title":"SEC, riscatti in-kind per ETF Spot su BTC ed ETH: che significa?","og_description":"Scopri cosa sono i riscatti in-kind negli ETF su Bitcoin ed Ethereum e quali vantaggi offrono agli investitori.","og_url":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/","og_site_name":"Cryptonews Italia","article_published_time":"2025-07-30T08:50:55+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/8\/2025\/07\/30084721\/1753865241-sec-in-kind.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_description":"Scopri cosa sono i riscatti in-kind negli ETF su Bitcoin ed Ethereum e quali vantaggi offrono agli investitori.","twitter_image":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/8\/2025\/07\/30084721\/1753865241-sec-in-kind.jpg","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/#article","isPartOf":{"@id":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/"},"author":{"name":"christianboscoloczvh","@id":"https:\/\/cryptonews.com\/it\/#\/schema\/person\/49b1bee4831bb44ce0619c29bb683f2a"},"headline":"SEC, riscatti in-kind per ETF Spot su BTC ed ETH: che significa?","datePublished":"2025-07-30T08:50:55+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/"},"wordCount":422,"publisher":{"@id":"https:\/\/cryptonews.com\/it\/#organization"},"image":{"@id":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/#primaryimage"},"thumbnailUrl":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/8\/2025\/07\/30084721\/1753865241-sec-in-kind.jpg","keywords":["bitcoin","ETF","ethereum"],"articleSection":["Blockchain News"],"inLanguage":"it-IT","copyrightYear":"2025","copyrightHolder":{"@id":"https:\/\/cryptonews.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/","url":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/","name":"SEC, riscatti in-kind per ETF Spot su BTC ed ETH: che significa?","isPartOf":{"@id":"https:\/\/cryptonews.com\/it\/#website"},"primaryImageOfPage":{"@id":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/#primaryimage"},"image":{"@id":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/#primaryimage"},"thumbnailUrl":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/8\/2025\/07\/30084721\/1753865241-sec-in-kind.jpg","datePublished":"2025-07-30T08:50:55+00:00","description":"Scopri cosa sono i riscatti in-kind negli ETF su Bitcoin ed Ethereum e quali vantaggi offrono agli investitori.","breadcrumb":{"@id":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/#breadcrumb"},"inLanguage":"it-IT","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/"]}],"author":[]},{"@type":"ImageObject","inLanguage":"it-IT","@id":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/#primaryimage","url":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/8\/2025\/07\/30084721\/1753865241-sec-in-kind.jpg","contentUrl":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/8\/2025\/07\/30084721\/1753865241-sec-in-kind.jpg","width":1280,"height":720},{"@type":"BreadcrumbList","@id":"https:\/\/cryptonews.com\/it\/news\/sec-riscatti-in-kind-per-etf-spot-su-btc-ed-eth-che-significa\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptonews.com\/it\/"},{"@type":"ListItem","position":2,"name":"SEC, riscatti in-kind per ETF Spot su BTC ed ETH: che significa?"}]},{"@type":"WebSite","@id":"https:\/\/cryptonews.com\/it\/#website","url":"https:\/\/cryptonews.com\/it\/","name":"Cryptonews Italia","description":"Le notizie pi\u00f9 importanti sulle valute digitali","publisher":{"@id":"https:\/\/cryptonews.com\/it\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/cryptonews.com\/it\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"it-IT"},{"@type":"Organization","@id":"https:\/\/cryptonews.com\/it\/#organization","name":"Cryptonews Italia","url":"https:\/\/cryptonews.com\/it\/","logo":{"@type":"ImageObject","inLanguage":"it-IT","@id":"https:\/\/cryptonews.com\/it\/#\/schema\/logo\/image\/","url":"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/8\/2023\/10\/cropped-favicon_big.png","contentUrl":"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/8\/2023\/10\/cropped-favicon_big.png","width":512,"height":512,"caption":"Cryptonews Italia"},"image":{"@id":"https:\/\/cryptonews.com\/it\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/cryptonews.com\/it\/wp-json\/wp\/v2\/posts\/213486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptonews.com\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptonews.com\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptonews.com\/it\/wp-json\/wp\/v2\/users\/141"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptonews.com\/it\/wp-json\/wp\/v2\/comments?post=213486"}],"version-history":[{"count":15,"href":"https:\/\/cryptonews.com\/it\/wp-json\/wp\/v2\/posts\/213486\/revisions"}],"predecessor-version":[{"id":213512,"href":"https:\/\/cryptonews.com\/it\/wp-json\/wp\/v2\/posts\/213486\/revisions\/213512"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptonews.com\/it\/wp-json\/wp\/v2\/media\/213508"}],"wp:attachment":[{"href":"https:\/\/cryptonews.com\/it\/wp-json\/wp\/v2\/media?parent=213486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptonews.com\/it\/wp-json\/wp\/v2\/categories?post=213486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptonews.com\/it\/wp-json\/wp\/v2\/tags?post=213486"},{"taxonomy":"editors","embeddable":true,"href":"https:\/\/cryptonews.com\/it\/wp-json\/wp\/v2\/editors?post=213486"},{"taxonomy":"sponsored_companies","embeddable":true,"href":"https:\/\/cryptonews.com\/it\/wp-json\/wp\/v2\/sponsored_companies?post=213486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}