BlackRock's Bitcoin ETF Listed on DTCC, Suggests Imminent SEC Approval
Summary:
BlackRock's proposed iShares spot Bitcoin exchange-traded fund (ETF) has been listed on the Depository Trust & Clearing Corporation (DTCC), hinting at a potential approval by the United States Securities and Exchange Commission. The corresponding ticker symbol is IBTC. If the proposal is approved, according to Bloomberg ETF analyst Eric Balchunas, it could forge the path for other spot crypto ETFs awaiting SEC review. Despite recent removal of the ETF from DTCC's list, this development marks a significant point in the evolution of cryptocurrency investment vehicles.
BlackRock's proposed iShares spot Bitcoin exchange-traded fund (ETF) is now listed on the Depository Trust & Clearing Corporation (DTCC), which could point towards an imminent approval by the United States Securities and Exchange Commission. On October 23, Bloomberg ETF analyst Eric Balchunas released a thread on X (previously known as Twitter), stating that the DTCC listing is a standard part of the procedure in launching a crypto ETF. The potential Nasdaq-listed iShares spot Bitcoin (BTC) ETF has the ticker symbol IBTC. As highlighted by Balchunas, this is the first time a spot ETF has been listed on the DTCC.
Balchunas suggests BlackRock may already have the SEC's approval for the ETF listing or is proceeding under the assumption it will be granted. Going by BlackRock's application date, SEC's deadline to either approve or decline the ETF is January 10, 2024. If approved, this could pave the way for several other spot crypto ETF proposals currently under SEC review, including those from ARK Investment, Fidelity, and Valkyrie. As of now, SEC has not sanctioned a spot Bitcoin or Ether (ETH) application for a U.S. exchange listing, but it started approving investment mechanisms connected to Bitcoin futures in October 2021.
Earlier, the BTCC listing followed a U.S. appellate court's judgement an August 29 ruling that demanded the SEC review Grayscale Investments' spot BTC ETF application. On October 19, Grayscale submitted a registration statement to the SEC, requesting the listing of its Bitcoin trust shares on the New York Stock Exchange Arca under the ticker symbol GBTC. However, as of October 24, BlackRock's iShares spot Bitcoin exchange-traded fund has been removed from the Depository Trust & Clearing Corporation's list.
Published At
10/24/2023 3:28:45 PM
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