BlackRock is getting down to the finer points with the sEC.
After a meeting with the SEC, this was released:
(Source: https://twitter.com/BitcoinMagazine/status/1729966351119212712/photo/1)
This is as opposed to doing cash exchange.
The in-kind exchange is supposedly one of the sticking points with the SEC.
Most filed the other way and the SEC wants it to be in-kind.
Looks like BlackRock is working with them.