The Depository Trust and Clearing Corporation (DTCC) has added ticker symbols for Invesco and Galaxy’s spot Bitcoin exchange-traded funds (ETF). They have been added to its list of “ETF Products.”
However, it’s essential to underline that this move not a definitive green light for the their products. According to a DTCC spokesperson, adding securities to the National Securities Clearing Corporation (NSCC) security eligibility file is a standard procedure in preparation for a new ETF’s market launch.
Appearing on the list is not indicative of an outcome for any outstanding regulatory or other approval processes.
Three spot-Bitcoin ETFs on DTCC’s list now
Blackrock takes the lead
Just days before it was discovered BlackRock’s ETF also found its place DTCC’s list. Unlike the confusion with Blackrock’s ticker, BTCO, had no presence on the DTCC’s website as of October 25.
Blackrock’s iShares spot Bitcoin ETF goes by the ticker symbol IBTC and is targeting a potential listing on the Nasdaq stock exchange by June 2024.
Will the spot-Bitcoin ETFs get approved after this?
The approval of these applications should open the doors for a number of spot crypto ETF filings under review by the SEC. These applications include Valkyrie and ARK Investment, Fidelity. As of now, the SEC has not approved any Bitcoin or Ether ETF application for listing on the NYSE. However, the regulatory body started permitting instruments like Bitcoin futures in October 2021.
A US court recently mandated the SEC to review a spot BTC ETF application from Grayscale Investments. They submitted a registration statement to the SEC to list its Bitcoin trust on the New York Stock Exchange Arca on October 19
All of this underscores the growing interest in crypto-based investments. The race to gain regulatory approval is heating up and everyone is hoping for the ETFs to get approved.