BlackRock can't cash out without selling BTC when investors sell ETFs.
"If an investor sells a BTC Spot ETF, it's impossible for BlackRock to redeem it for cash without selling the BTC it was holding," Bloomberg ETF analyst James Seyffart told X. Seyffart said. This was in response to a question from an X user who asked, "BlackRock is currently estimated to hold 11,500 BTC, is it theoretically possible to redeem for cash without selling BTC?" "BlackRock has to sell BTC on the open market when an investor sells an ETF. They don't hold BTC on their balance sheet."