Landmark Listing on DTCC
BlackRock's much-anticipated iShares spot Bitcoin exchange-traded fund (ETF) has reached a significant milestone by being officially listed on the Depository Trust & Clearing Corporation (DTCC). This move hints at a strong possibility of obtaining approval from the United States Securities and Exchange Commission (SEC).
Nasdaq Beckons
The iShares spot Bitcoin ETF, symbolized as IBTC, is poised for potential listing on the Nasdaq stock exchange. This exciting development signifies that BlackRock is actively progressing towards making crypto ETFs a reality.
Positive Signals Abound
Prominent exchange-traded fund analyst, Eric Balchunas of Bloomberg, affirms that BlackRock is diligently ticking the boxes required for launching a crypto ETF. This includes the intricate logistics of seeding, choosing a ticker symbol, and securing DTCC listing, all of which usually precede the actual launch. Balchunas speculates that this move indicates that BlackRock may have already secured a green light from the SEC or is thoroughly preparing for such an outcome.
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
Awaiting the SEC's Verdict
With the date of BlackRock's application in mind, the SEC has until January 10, 2024, to make the final decision regarding the ETF's approval or denial. A positive outcome could set the stage for a wave of spot crypto ETFs currently under SEC review, including those from ARK Investment, Fidelity, and Valkyrie.
Paving the Way
Notably, the SEC has thus far not granted approval for a spot Bitcoin or Ether (ETH) ETF to be listed on a U.S. exchange, although investment vehicles tied to Bitcoin futures were permitted in October 2021.
A Legal Nudge
This development follows a mandate issued by a U.S. appellate court, compelling 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 shares on the New York Stock Exchange Arca under the symbol GBTC.
