BlackRock’s proposed iShares spot Bitcoin exchange-traded fund (ETF) has been listed on the Depository Trust & Clearing Corporation (DTCC), indicating potential approval from the United States Securities and Exchange Commission (SEC). This development was highlighted by Bloomberg ETF analyst Eric Balchunas in a tweet. Balchunas mentioned that the DTCC listing is a crucial step in bringing a crypto ETF to the market. The iShares spot Bitcoin ETF has a ticker symbol of IBTC and is potentially set to be listed on the Nasdaq stock exchange. BlackRock had previously applied to list and trade shares of the investment vehicle in June.
According to Balchunas, the fact that the iShares Bitcoin Trust is the first spot ETF listed on DTCC suggests that BlackRock is leading the charge in logistical preparations just prior to the ETF’s launch. This includes tasks like seeding, selecting a ticker symbol, and the DTCC listing. Balchunas further implied that this progress signifies that BlackRock has received positive signals regarding the approval of the ETF.
As of now, BlackRock’s application is awaiting approval, with the SEC having until January 10, 2024, to make a final decision. If approved, this could open the floodgates for a range of spot crypto ETF applications currently under review by the SEC, including those from ARK Investment, Fidelity Investments, and Valkyrie. It’s worth noting that the SEC has not yet approved a spot Bitcoin or Ether application for listing on a U.S. exchange, but it did start allowing investment vehicles tied to Bitcoin futures in October 2021.
The listing of the iShares Bitcoin Trust on the DTCC follows an appellate court decision that mandated the SEC to review a spot BTC ETF application from Grayscale Investments. This ruling has prompted Grayscale to submit a registration statement to the SEC, intending to list shares of its Bitcoin trust under the ticker symbol GBTC on the New York Stock Exchange Arca.
These developments in the crypto ETF space indicate growing interest and anticipation from institutional investors. If approved, a Bitcoin ETF could pave the way for increased institutional participation in the crypto market.
Sources:
– Bloomberg ETF analyst Eric Balchunas’ tweet: https://cointelegraph.com/news/blackrock-spot-bitcoin-etf-nasdaq-clearing-firm(https://twitter.com/EricBalchunas/status/1716529570759704832)
– BlackRock’s application to list and trade iShares spot Bitcoin ETF shares: https://cointelegraph.com/news/blackrock-spot-bitcoin-etf-nasdaq-clearing-firm(https://cointelegraph.com/news/blackrock-apply-spot-bitcoin-etf-sec-nasdaq)
– U.S. appellate court mandate regarding Grayscale’s spot BTC ETF application: https://cointelegraph.com/news/blackrock-spot-bitcoin-etf-nasdaq-clearing-firm(https://cointelegraph.com/news/court-mandate-grayscale-sec-spot-bitcoin-etf)
– Grayscale’s registration statement for listing shares of its Bitcoin trust: https://cointelegraph.com/news/blackrock-spot-bitcoin-etf-nasdaq-clearing-firm(https://cointelegraph.com/news/court-mandate-grayscale-sec-spot-bitcoin-etf)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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