BlackRock’s iShares Bitcoin Trust Appears on DTCC List
The highly anticipated spot bitcoin ETF from BlackRock, called the iShares Bitcoin Trust, has made an appearance on the list maintained by the Depository Trust and Clearing Corporation (DTCC). The DTCC provides post-trade clearance, settlement, custody, and information services. Although still awaiting approval from the Securities and Exchange Commission (SEC), the BlackRock fund is listed with the ticker “IBTC” on the DTCC.
Bloomberg senior ETF analyst Eric Balchunas noted that this is the first spot ETF listed on the DTCC, indicating that BlackRock is leading the way in terms of logistics prior to launch. Balchunas believes that this could be a signal that approval for the ETF is imminent. He also commented on the choice of ticker symbol, stating that while it may not be exciting, it aligns with BlackRock’s brand.
Bitcoin Price Surges to Highest Level in Over a Year
The iShares Bitcoin Trust from BlackRock is just one of around 12 spot bitcoin ETFs awaiting approval from the SEC. Other asset managers such as Grayscale Investments, Fidelity, and WisdomTree have also filed applications for similar funds. Last month, the regulator delayed all pending applications, adding at least another month to the review process.
The excitement surrounding potential approval has caused a surge in bitcoin’s price. Over the past 24 hours, it has risen by 6%, and over the past month, it has increased by 18.8%. In fact, bitcoin briefly reached its highest level in over a year at $31,776. As of now, it is trading at $31,656.
Hot Take: BlackRock’s Spot Bitcoin ETF Progress Signals Approval May Be Near
The appearance of BlackRock’s iShares Bitcoin Trust on the DTCC list suggests that the approval of a spot bitcoin ETF could be imminent. This development, along with the delay in pending applications by the SEC, has fueled excitement in the market. Bitcoin’s price has surged to its highest level in over a year, reflecting the optimism surrounding potential approval. If approved, BlackRock’s ETF and others like it could provide easier access to bitcoin for investors and further legitimize the cryptocurrency in the traditional financial system.
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