Yello Paradisers! BlackRock’s proposed spot bitcoin ETF, known as the iShares Bitcoin Trust, has been spotted on the Depository Trust and Clearing Corporation’s (DTCC) list. The DTCC, as cited by Nasdaq, offers post-trade clearance, settlement, custody, and information services. Although the Securities and Exchange Commission (SEC) has yet to greenlight a spot bitcoin ETF, the DTCC has identified the BlackRock fund with the ticker IBTC.
📰Analyst’s Take on the Listing
Bloomberg’s senior ETF analyst, Eric Balchunas, pointed out that this is the first spot ETF to be listed on the DTCC. He remarked that BlackRock’s proactive steps in logistics, such as seeding and ticker allocation, suggest that an approval might be on the horizon. Balchunas also commented on the chosen ticker, IBTC, stating that while it might seem plain, it aligns with BlackRock’s brand ethos. He believes that a straightforward ticker might appeal more to affluent clients who rely on wealth managers.
📰Awaiting Official Comments
Representatives from both DTCC and BlackRock have not yet responded to media inquiries regarding the listing.
📰Bitcoin’s Price Rally Amid ETF Anticipation
The iShares Bitcoin Trust by BlackRock is among approximately 12 spot bitcoin ETFs currently in line for SEC approval. Other notable asset managers, including Grayscale Investments, Fidelity, and WisdomTree, have also submitted their applications. The SEC, however, postponed decisions on all these applications last month, extending the review process.
The anticipation of a potential approval has fueled a significant price surge in bitcoin. The cryptocurrency witnessed a 10.8% increase in the last 24 hours and a 25.3% rise over the past month. Bitcoin’s value momentarily peaked at $34,332 on Monday, marking its highest in over a year. As of press time, it was trading at $33,915, as per CoinGecko.
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