The exchange-traded fund (ETF) called iShares spot Bitcoin, which was suggested by BlackRock, has been listed on the Depository Trust & Clearing Corporation (DTCC), indicating that the US Securities and Exchange Commission may approve it.
BlackRock’s iShares Bitcoin Trust ETF ticker, IBTC, was removed from the Depository Trust & Clearing Corporation (DTCC) website on October 24, 2023, after a huge surge in traffic from people checking the status of the ETF. The DTCC is a clearinghouse that handles the settlement of trades on exchanges.
Eric Balchunas, a Bloomberg ETF analyst, stated in an Oct. 23 X (formerly Twitter) thread that the DTCC listing was “all part of the process” of launching a cryptocurrency ETF.
The ETF applied to list and trade shares of the investment vehicle on the Nasdaq stock exchange in June, and currently holds the ticker code IBTC for potential listing.
“There are no other ETFs listed on DTCC as of yet; this is the first spot ETF,” Balchunas stated. “BlackRock, a def noteworthy, is spearheading the charge on these pre-launch logistics (seeding, ticker, dtcc), which usually take place. It’s difficult not to see this as them receiving a signal that approval is forthcoming or inevitable.
The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023
Balchunas conjectured that BlackRock might have already gotten the go-ahead from the SEC to list the ETF or was “getting everything ready assuming so.” The SEC has until January 10, 2024, based on the date of BlackRock’s application, to decide whether to approve or reject the ETF.
If BlackRock’s application is accepted, it might open the door for many spot crypto ETF submissions that the SEC is presently reviewing, such as those from Valkyrie, Fidelity, and ARK Investment.
application for listing on a U.S. exchange, but in October 2021 it began to accept investment vehicles linked to Bitcoin futures.
The U.S. appellate court’s mandate, which imposed an Aug. 29 ruling requiring the SEC to examine Grayscale Investments’ spot BTC ETF application, was followed by the BTCC listing. On October 19, Grayscale filed a registration statement with the SEC to list shares of its Bitcoin trust under the ticker symbol GBTC on the Arca, the New York Stock Exchange.
