“BlackRock’s decision to include a Bitcoin ETF on NASDAQ’s clearing agency marks a significant milestone in the mainstream acceptance of cryptocurrency, paving the way for wider adoption and potential growth within the digital asset market.”
BlackRock’s iShares Bitcoin Trust has been listed on the Depository Trust and Clearing Corporation (DTCC), marking progress in the quest for a Bitcoin ETF in the US. The DTCC listing confirms that the fund will trade under the ticker IBTC and is the first spot Bitcoin ETF out of the twelve applications submitted since June 15 to appear on DTCC’s list. The ETF’s seeding schedule is set to begin in October 2023, with seeding referring to the initial funding of an ETF for day-one trading. While this amount is typically moderate, it is a significant step in the process of launching the ETF.
The US Securities and Exchange Commission (SEC) chair Gary Gensler and his team continue to assess Bitcoin ETF applications, showing the agency’s ongoing involvement in ETF conversations. In recent news, Bitcoin prices surged above $30,000 on the false announcement of an ETF approval, only to retrace once the news was debunked. However, Bitcoin has since regained its price position above $31,000.
BTC’s market price experienced a 5 percent increase on October 23, following a week-long rally and the final formalities in the SEC v Grayscale case. The US Court of Appeals for the D.C. Circuit reaffirmed its ruling, compelling the SEC to reconsider Grayscale’s filing for a spot Bitcoin ETF. Grayscale’s victory in its bid to convert its Bitcoin Trust (GBTC) into a Bitcoin ETF is seen as a positive development for ETF proponents. Grayscale has also filed a new application, urging the SEC to approve its entry into the race to list America’s first spot Bitcoin ETF.
With the increasing interest in Bitcoin ETFs within the crypto industry and broader financial markets, the listing of BlackRock’s iShares Bitcoin Trust on the DTCC is a significant milestone. It highlights the progress being made and the steps being taken towards making a Bitcoin ETF available to US investors. As the SEC continues to assess applications and the crypto market continues to evolve, the launch of a Bitcoin ETF seems more likely than ever before.