“BlackRock’s strategic move towards a potential bitcoin ETF signals a significant shift in the institutional investment landscape, fueling anticipation and speculation in the crypto market.”
The world’s largest asset manager, BlackRock, is making progress with its proposed bitcoin ETF. The planned iShares Bitcoin Trust, with the ticker IBTC, is now listed on the Depository Trust and Clearing Corporation (DTCC) website. This listing is significant as it marks the first proposed spot bitcoin ETF listed on DTCC, a major financial market infrastructure giant. DTCC’s subsidiary, National Securities Clearing Corporation, has a process for clearing ETFs, including reviewing the ETF’s portfolio constituents and automating the creation and redemption of ETF shares.
While both DTCC and BlackRock have not provided specific comments on the listing, industry experts see this as a positive sign that approval for the bitcoin ETF is imminent. Bloomberg Intelligence senior analyst Eric Balchunas noted that BlackRock’s leading role in logistics such as seeding, ticker, and DTCC listing suggests they have received signals that approval is certain. Other players in the bitcoin ETF space, such as Ark Invest and 21Shares, have also made amendments to their filings, indicating progress in the quest for a bitcoin ETF.
In addition to BlackRock’s developments, Grayscale has filed to register shares of its Bitcoin Trust under the Securities Act of 1933. This is seen as a step towards converting the trust into an ETF. While the DC Circuit Court of Appeals formalized its ruling that the SEC’s rejection of the GBTC conversion to an ETF was “arbitrary and capricious,” Grayscale remains optimistic and intends to work constructively with the SEC to move forward with the conversion.
Overall, these recent developments suggest positive momentum for the approval of bitcoin ETFs. As the industry continues to make progress, investors and enthusiasts are eagerly awaiting the launch of these products, which could further legitimize and increase accessibility to bitcoin and the crypto market.
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