BlackRock’s iShares Bitcoin ETF Listed on DTCC

BlackRock iShares Bitcoin ETF Listed on DTCC

Key Insights

  • BlackRock’s iShares spot Bitcoin ETF advances with listing on DTCC, a crucial step towards potential SEC approval.
  • This marks the first spot ETF on DTCC, a move seen as indicative of BlackRock’s confidence in securing approval.
  • Approval of BlackRock’s ETF could open doors for a wave of similar crypto ETF applications under SEC review.

The iShares spot Bitcoin exchange-traded fund (ETF) proposed by the global investment giant BlackRock has recently achieved a critical milestone. The ETF has now been officially listed on the Depository Trust & Clearing Corporation (DTCC), a development that carries profound implications, possibly signaling a forthcoming approval by the United States Securities and Exchange Commission (SEC).

BlackRock’s iShares Bitcoin ETF takes a step closer to approval

Bloomberg’s ETF analyst, Eric Balchunas, highlighted the importance of this move in a recent thread on X (formerly known as Twitter). Balchunas explained that the DTCC listing represents a pivotal phase in the journey to bringing a crypto ETF to the market.

The ETF in question, named iShares spot Bitcoin ETF, carries the ticker symbol ‘IBTC,’ signaling a potential listing on the Nasdaq stock exchange. Back in June, Nasdaq had submitted its application to list and trade shares of this investment vehicle.

Notably, this DTCC listing is a first of its kind for spot ETFs. Balchunas underscored the significance of BlackRock’s proactive stance in navigating through various logistics such as seeding, selecting a ticker symbol, and interacting with the DTCC. These actions are often precursors to the official launch of the ETF.

Some experts find it hard not to interpret this as a sign that BlackRock might have received some positive signals regarding the SEC’s decision, or they might be making preparations in anticipation of such a decision.

The timeline for the SEC’s verdict is defined by the date of BlackRock’s application submission. The regulatory body has until January 10, 2024, to make a final determination on whether to approve or deny the ETF.

BlackRock’s ETF could pave the way for other spot crypto ETFs

If the SEC ultimately grants approval for BlackRock’s application, it could set a significant precedent and potentially open the floodgates for several spot crypto ETF filings that are currently under review. These include applications from well-known names in the industry, such as ARK Investment, Fidelity, and Valkyrie.

Read also! Court Orders SEC to Reevaluate Rejection of Grayscale’s Bitcoin ETF Bid

As of now, the SEC has not approved any spot Bitcoin or Ether applications for listing on a U.S. exchange. However, they did start permitting investment products tied to Bitcoin futures in October 2021.

This move by BlackRock follows a recent mandate issued by a U.S. appellate court, enforcing a decision from August 29. This decision compelled the SEC to review an application for a spot BTC ETF from Grayscale Investments, a major player in the crypto investment space.

Grayscale submitted a registration statement to the SEC on October 19, seeking to list shares of its Bitcoin trust on the New York Stock Exchange Arca under the ticker symbol ‘GBTC’.

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