Trillion-Dollar Boost For Bitcoin Inches Closer To Reality As BlackRock’s Spot ETF Lists On Nasdaq

Grayscale Interested In Applying For A Bitcoin ETF 'When' Regulators Give Strong Signal

The iShares spot Bitcoin exchange-traded fund (ETF) proposed by the world’s largest asset manager, BlackRock, has been listed on the DTCC— Depository Trust & Clearing Corporation. This move suggests a forthcoming approval by the United States Securities and Exchange Commission (SEC).

BlackRock Reveals Ticker And Lines Up Seed Investor 

BlackRock’s proposed spot Bitcoin ETF has appeared on a list maintained by the Depository Trust & Clearing Corporation (DTCC) while still awaiting approval from the U.S. Securities and Exchange Commission. The fund has a ticker symbol IBTC, for a prospective listing on the Nasdaq exchange.

“This is [the] first spot ETF listed on DTCC, none of the others on there (yet),” Bloomberg senior ETF analyst Eric Balchunas posited. “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.”

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

— Eric Balchunas (@EricBalchunas) October 23, 2023

According to Balchunas, BlackRock may have already received the SEC’s blessing for listing the spot ETF or was “prepping everything assuming so”. The SEC has until Jan. 10, 2024, to reach a final decision on greenlighting or rejection of BlackRock’s ETF proposal.

Finance lawyer Scott Johnsson pointed out that BlackRock secured a “CUSIP” license in preparation for a launch, adding that the investment giant might be planning to seed with cash this month — which is way earlier than he would’ve presumed.

The DTCC listing followed the U.S. Court of Appeals closing the books on a spat between the SEC and Grayscale with a final ruling that effectively ordered the regulator to give the asset manager’s spot Bitcoin ETF filing a fresh look.

Bitcoin Rockets To $35,000

Bitcoin experienced a huge rally on Monday, briefly touching the $35,000 level and reaching its highest value since May 2022. The sudden uptick in the Bitcoin price was largely attributed to ticker registration, which bumped hopes of imminent approval of BlackRock’s proposed spot Bitcoin ETF.

BTC’s move to one-and-a-half-year highs triggered a torrent of shorts, leading to $297.69m in total liquidations across crypto assets, according to data from analytics firm CoinGlass.

Bitcoin has since retreated to $34,127.65 on Tuesday. The world’s largest and oldest crypto has gained over 20% in the past week.

As Bitcoin shows renewed strength, crypto analysts and mainstream investors will be eagerly watching the unfolding of the next chapter of BlackRock’s spot ETF.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

InstaCoin.News covers Fintech, Blockchain and Bitcoin bringing you the latest news and analyses on the future of money.

Copyright © InstaCoinNews

To Top