The Depository Trust & Clearing Corporation (DTCC) has listed BlackRock’s iShares spot Bitcoin exchange-traded fund (ETF). It suggests a potential approval by the United States Securities and Exchange Commission (SEC).
Source: DTCC
In an Oct. 23 X thread, Bloomberg ETF analyst Eric Balchunas said that the DTCC listing was “all part of the process” of bringing a crypto ETF to market. The iShares spot Bitcoin ETF has a ticker symbol of IBTC for a possible listing on the Nasdaq stock exchange. It will be applied to list and trade shares of the investment instrument in June.
This is [the] first spot ETF listed on DTCC, none of the others on there (yet),” said Balchunas. “Def notable BlackRock is leading charge on these logistics (seeding, ticker, dtcc) that tend to happen just prior to launch. Hard not to view this as them getting signal that approval is certain/imminent
Will the SEC approve BlackRock’s Bitcoin ETF?
As per Balchunas, BlackRock could be already sitting with an approval the SEC to list the ETF. The SEC has until Jan. 10, 2024 to reach a final decision on approval or denial of the ETF.
The approval of this application will open the doors for a number of spot crypto ETF filings under review by the SEC. These applications include ARK Investment, Fidelity and Valkyrie. No spot Bitcoin or Ether ETF application has yet been approved by the SEC for listing on the NYSE. However, the regulatory body started permitting instruments like Bitcoin futures in October 2021.
Recently, on August 29, a US court mandated the SEC to review a spot BTC ETF application from Grayscale Investments. On October 19, Grayscale submitted a registration statement to the SEC to list its Bitcoin trust on the New York Stock Exchange Arca.
How will Bitcoin react if the ETF is approved
Just days before, BlackRock refuted rumors that its ETF had secured approval from the U.S. Securities and Exchange Commission (SEC). The rumor spread and was followed by a surge in Bitcoin’s price for a short period. Its price shot up from from $27,944 to a high of $29,397.
@ali_charts, an industry analyst, was quick to point out that if the ETF actually gets approved, the price of Bitcoin “will moon.” The listing of BlackRock’s spot Bitcoin ETF on the DTCC is a significant development in the ongoing saga of spot Bitcoin ETFs in the United States.
