BlackRock's Bitcoin ETF Ticker IBTC Reappears on DTCC Site, Fuels Speculation
Summary:
BlackRock's Bitcoin spot exchange-traded fund (ETF) ticker, IBTC, has reappeared on the DTCC's website after briefly disappearing, creating market speculation about the potential approval of a future spot ETF. The reappearance and disappearance of the ticker influenced Bitcoin's price significantly. A noted change in the “create/redeem” status from "Y" to "N" in the re-listing suggests BlackRock’s preparations for possible SEC approval for the ETF's launch. However, a DTCC spokesperson clarified that appearing on the list doesn't guarantee any outcome for regulatory approval. Despite these developments, Bitcoin's price remained stable.
The ticker for BlackRock's Bitcoin spot ETF (Exchange-Traded Fund), known as IBTC, has made a comeback on the website of the Depository Trust and Clearing Corporation (DTCC) following a brief absence. The re-emergence of IBTC on the website led Bitcoin's price to reach its peak for the year on October 23, illumating the possible approval of a spot ETF in the near future. However, when the ticker vanished subtly from the website a couple of hours later, Bitcoin's price dipped by almost 3%, signaling the market's attention towards ETF-related updates. BlackRock's IBTC ETF has once again emerged on the DTCC's portal.
Eric Balchunas, a seasoned Bloomberg ETF analyst, observed that the intrigue surrounding the IBTC listing was momentarily responsible for the website's crash of DTCC. Balchunas added that this level of attention was unusual for DTCC, and it "illustrates the distinct and intense nature of the entire event."
Upon IBTC’s re-listing, a Twitter user noted that the prior listing showed a "Y" in the “create/redeem” column, while the new listing displayed an "N." Responding to this observation, James Seyffart, another Bloomberg ETF analyst, explained his belief that it suggests BlackRock is prepping everything for the launch given they receive the SEC's green light. Seyffart clarified that the "N" simply indicates that it's not available for create/redeem as it's not yet active.
The DTCC spokesperson stated that it's a standard protocol for the DTCC to include securities to the NSCC security eligibility list in anticipation of the debut of a new ETF to the market. The spokesperson added that merely appearing on the list doesn't necessarily imply any verdict on any outstanding regulatory or approval processes.
Despite the ups and downs of the IBTC, Bitcoin has remained stable. According to data from CoinMarketCap, Bitcoin has gained 0.15% in the last hour. The cryptocurrency is currently trading at $33,940, reflecting a 19.1% rise over the last week.
Published At
10/25/2023 12:03:51 AM
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