Another Proposed Spot Bitcoin ETF Listed on DTCC Website
A new proposed Spot Bitcoin ETF has been listed on the Depository Trust and Clearing Corporation’s (DTCC) website, marking the second such listing on the platform. The Invesco Galaxy Bitcoin ETF, known as BTCO, recently appeared alongside BlackRock’s spot Bitcoin ETF, which is named IBTC. The appearance of these listings has generated speculation about a possible approval of these funds by the United States Securities and Exchange Commission (SEC). However, a spokesperson for the financial services company clarified that the listings were standard practice and did not indicate potential approval by the SEC.
DTCC Listing Does Not Guarantee Approval
An ETF expert has stated that the DTCC listing does not hold significant meaning regarding the approval of Bitcoin ETFs by the SEC. Rather, it suggests that asset managers are preparing for the possibility of approval. Both BlackRock and VanEck have announced plans to begin seeding for their respective funds. While this does not guarantee immediate approval, it reflects optimism within these firms that their Spot Bitcoin ETFs will eventually launch.
Valkyrie Files Revised Spot Bitcoin ETF Prospectus
Valkyrie, an asset management firm, recently filed a revised prospectus for its Spot Bitcoin ETF, joining other firms like ARK Invest, BlackRock, Fidelity, and Bitwise who have also made amendments to their prospectuses. Bloomberg analyst James Seyffart believes that these amendments could potentially lead to fund approvals by next year. The SEC has yet to provide any updates on Grayscale’s application despite choosing not to file an appeal. However, a closed meeting scheduled for November 2 may shed light on future developments.
Hot Take: Will We See a Spot Bitcoin ETF Approval Soon?
The recent appearance of proposed Spot Bitcoin ETFs on the DTCC website has sparked speculation about their potential approval by the SEC. While these listings do not guarantee immediate approval, they indicate that asset managers are preparing for the possibility. Amendments to prospectuses by various firms further contribute to the optimism surrounding Bitcoin ETFs. However, it remains to be seen when the SEC will make a decision. The upcoming closed meeting on November 2 may provide some insight into the future of Bitcoin ETFs and whether we can expect approvals in the near future.
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