According to exchange-traded fund expert Eric Balchunas, the addition is “all part of the process” of listing and trading a crypto ETF and is a positive sign for SEC approval.
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The Depository Trust & Clearing Corporation (DTCC) has listed the iShares spot Bitcoin exchange-traded fund (ETF) proposed by financial giant BlackRock, indicating likely clearance by the United States Securities and Exchange Commission.
Bloomberg ETF analyst Eric Balchunas noted in an Oct. 23 X (previously Twitter) thread that the DTCC listing was “all part of the process” of bringing a crypto ETF to market. The iShares spot Bitcoin ETF is trading under the ticker symbol IBTC in anticipation of a future listing on the Nasdaq stock exchange, which applied to list and trade shares of the investment vehicle in June.
“This is [the] first spot ETF listed on DTCC, none of the others on there (yet),” says Balchunas. “Notable BlackRock is leading the charge on these pre-launch logistics (seeding, ticker, dtcc).” It’s difficult not to interpret this as them receiving a signal that approval is certain/imminent.”
Balchunas claimed that BlackRock may have previously received approval from the SEC to list the ETF or was “prepping everything assuming so.” Based on the date of BlackRock’s application, the SEC has until January 10, 2024, to make a final decision on the ETF’s acceptance or disapproval.
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If BlackRock’s application is granted, it might open the door for a number other spot crypto ETF filings that are presently being considered by the SEC, including those from ARK Investment, Fidelity, and Valkyrie. The SEC has yet to accept a spot Bitcoin or Ether application for listing on a US exchange, but it will begin allowing investment vehicles related to Bitcoin futures in October 2021.
The BTCC listing came after a U.S. appeal court issued a mandate enforcing an Aug. 29 judgment for the SEC to consider Grayscale Investments’ spot BTC ETF application. On October 19, Grayscale filed a registration statement with the SEC to list shares of its Bitcoin trust on the New York Stock Exchange Arca under the ticker symbol GBTC.
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