Investment giant BlackRock has revealed new details about its proposed Bitcoin exchange-traded fund (ETF), including the fund's ticker symbol and concessions to SEC demands.

In an amended filing, BlackRock said its spot Bitcoin ETF would trade under the ticker "IBIT" if approved by regulators. The company also shifted to a cash-only creation/redemption model for the fund's shares rather than using in-kind transfers of BTC.

The move aligns with SEC preferences for share-based transactions to occur solely using fiat currency. Other leading Bitcoin ETF applicants like ARK Invest similarly switched to cash exclusivity this week as the consensus grows that firm SEC demands leave little wiggle room.

Bloomberg ETF analyst Eric Balchunas said BlackRock's complete pivot signals the fund giant doesn't foresee any compromise over stringent requirements. With major players falling in line ahead of key decisions in January, optimism remains high for potential approval.

The "IBIT" ticker symbol also provides the market a sneak peek at how BlackRock aims to label its fund if greenlit by the SEC. As one of the largest asset managers globally, an SEC blessing could finally kick open the floodgates for wider crypto adoption worldwide.