In a positive sign for the approval of a spot Bitcoin exchange-traded fund (ETF) in the US, BlackRock’s iShares Bitcoin Trust has been listed on the Depository Trust & Clearing Corporation (DTCC) with the ticker symbol “IBTC.”
DTCC Lists BlackRock’s iShares Bitcoin Trust
DTCC is a financial services company that provides clearing and settlement services for the US securities market. The company clears Nasdaq trades and settles substantial securities transactions in the US.
The latest listing of BlackRock’s iShares Bitcoin Trust by DTCC suggests that BlackRock is taking concrete steps to launch its spot Bitcoin ETF and that the financial services company is comfortable with the product’s underlying structure and risk management.
Bloomberg Intelligence ETF analyst Eric Balchunas, who broke the news of the DTCC listing, stated that the development is part of bringing a spot Bitcoin ETF to market.
Balchunas, however, pointed out that DTCC listing does not mean that BlackRock’s spot Bitcoin ETF application is “technically approved.”
“It’s not home free. But this is pretty much checking every box that you need to check before you launch an ETF. When we see a ticker added, those things are usually right before launch,” Balchunas said in a statement.
The SEC has until January 10, 2024, to decide on BlackRock’s iShares Bitcoin Trust.
Imminent Spot Bitcoin ETF Approval?
While the SEC has allowed several bitcoin futures ETFs to trade in the US, the agency has yet to approve a spot bitcoin ETF, citing volatility, market manipulation and investor protection concerns.
However, in addition to DTCC listing of BlackRock’s iShares Bitcoin Trust, there have continued to be positive signs that the SEC may finally approve a spot Bitcoin ETF soon.
Citing SEC’s failure to block Grayscale from converting its GBTC bitcoin fund into a spot ETF, Coinbase’s chief legal officer Paul Grewal recently stated that he is confident that the agency will approve a spot Bitcoin ETF soon.
The DC Circuit Court of Appeals ruling had found that the SEC did not have a valid basis for denying Grayscale’s application to convert GBTC bitcoin fund into a spot ETF.
