Blackrock’s Spot Bitcoin ETF Listed on DTCC
Blackrock, the world’s largest asset manager, is making progress in launching its spot bitcoin exchange-traded fund (ETF). The firm has obtained a ticker symbol and a CUSIP number for its forthcoming ETF, which is now listed on the Depository Trust and Clearing Corporation (DTCC), responsible for clearing Nasdaq trades. This development has generated optimism among crypto investors and led to a surge in bitcoin’s price.
Blackrock Expected to Buy Bitcoin to Seed Its ETF
The Registration Statement for Ishares Bitcoin Trust, filed with the SEC, suggests that Blackrock may purchase bitcoin this month to seed its spot bitcoin ETF. However, this does not indicate a significant investment but rather a necessary step in launching the ETF. The sponsor of the trust is Ishares Delaware Trust Sponsor LLC, an indirect subsidiary of Blackrock.
Timing of SEC Approval for Blackrock’s Spot Bitcoin ETF
The timing for SEC approval of Blackrock’s spot bitcoin ETF remains uncertain. The public has been invited to provide feedback on the application until October 25th, followed by an additional period for replies until November 8th. The SEC typically reviews comments before approving such proposals, which could take an additional 30-60 days. Therefore, if approved in 2023, it may not be from Blackrock.
Bitcoin Price Surges Amidst Speculation
Bitcoin’s price experienced a significant increase on Monday, reaching $35,000 before slightly retreating. Currently trading at $34,423, BTC has seen a 13% rise in the past 24 hours.
Hot Take: Crypto Market Reacts to Blackrock’s Progress with Spot Bitcoin ETF
Blackrock’s advancements in launching its spot bitcoin ETF have sparked excitement in the crypto market. The allocation of a ticker symbol and listing on DTCC indicate progress towards making the ETF a reality. Additionally, the speculation that Blackrock may purchase bitcoin this month to seed its ETF has generated further interest. However, it’s important to note that seeding typically involves a small investment rather than a significant purchase. The timing of SEC approval for the ETF remains uncertain, but these developments have contributed to the recent surge in bitcoin’s price.
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