The iShares Bitcoin ETF Proposed by BlackRock Listed on DTCC
The iShares spot Bitcoin exchange-traded fund (ETF) proposed by BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), indicating potential approval by the US Securities and Exchange Commission (SEC). The ETF, with a ticker symbol of IBTC, may be listed on the Nasdaq stock exchange, which applied for the listing in June. Bloomberg ETF analyst Eric Balchunas stated that the DTCC listing is a crucial step in bringing a crypto ETF to market and suggests that BlackRock is leading the charge in preparing for its launch. This could signal that approval for the ETF is imminent.
Potential Implications for Other Crypto ETF Filings
If BlackRock’s application is approved, it could pave the way for other spot crypto ETF filings currently under review by the SEC. This includes applications from ARK Investment, Fidelity, and Valkyrie. While the SEC has not yet approved a spot Bitcoin or Ether application for listing on a US exchange, it began permitting investment vehicles tied to Bitcoin futures in October 2021.
Grayscale’s BTC ETF Application Review
The BTCC listing comes after a US appellate court mandated that the SEC review a spot Bitcoin ETF application from Grayscale Investments. Grayscale submitted a registration statement to list shares of its Bitcoin trust on the New York Stock Exchange Arca under the ticker symbol GBTC on October 19.
Hot Take: Potential Breakthrough for Crypto ETFs in the US Market
The listing of BlackRock’s proposed iShares Bitcoin ETF on DTCC indicates progress towards regulatory approval from the SEC. If approved, this could have significant implications for other crypto ETF filings and mark a breakthrough moment for the US market. With the floodgates potentially opening, more investment firms may follow suit and seek approval for their own crypto ETFs. This could provide investors with greater access to digital assets and contribute to the mainstream adoption of cryptocurrencies.
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