BlackRock BTC Spot ETF Showing Signs of Imminent Approval: Analyst
- BlackRock Bitcoin spot ETF has been listed on DTCC, showing signs of approval.
- The listing is “all part of the process” of debuting a spot BTC ETF in the market, said an ETF analyst.
- The iShares Bitcoin spot ETF will have the ticker IBTC and might soon be listed on Nasdaq.
- The ETF has been given a CUSIP number, which is assigned to a security before listing.
The iShares spot Bitcoin exchange-traded fund (ETF) by BlackRock, the world’s largest asset management firm with almost $10 trillion in assets under management, seems to be very close to approval, according to a Bloomberg ETF analyst. The investment product has been listed on the Depository Trust & Clearing Corporation (DTCC), which further suggests approval from the United States Securities and Exchange Commission (SEC).
In a public post submitted on social media platform X (formerly known as Twitter), Bloomberg analyst Eric Balchunas noted that the DTCC listing is “all part of the process” of debuting a spot Bitcoin ETF in the market. While BlackRock has not given an official statement regarding the same, it is clear that positive signs can already be witnessed.
The iShares Bitcoin spot ETF will have the ticker IBTC, and it seems that it is currently in the process of being added to the Nasdaq stock exchange.
“This is [the] first spot ETF listed on DTCC, none of the others on there (yet),” said Balchunas. “Def notable BlackRock is leading charge on these logistics (seeding, ticker, dtcc) that tend to happen just prior to launch. Hard not to view this as them getting signal that approval is certain/imminent.”
It is important to mention here that BlackRock CEO Larry Fink took a 180-degree turn in his attitude towards cryptocurrencies over the years. The executive stated a few years ago that his clients were not in need of exposure to crypto, but now he has commented several times that the firm’s clients from around the globe are asking for exposure to the digital asset sector.
An X user pointed out that the BlockRock iShares Bitcoin spot ETF has been given a CUSIP (Committee on Uniform Securities Identification Procedures) number, which is assigned to a security before it is listed publicly.
On the other hand, as earlier reported by BitcoinWisdom, the US Court of Appeals has ordered the SEC to reassess Grayscale’s spot Bitcoin ETF application. The court earlier stated that the regulator was “arbitrary and capricious” in rejecting the firm’s request to turn its Grayscale Bitcoin Trust (GBTC) into a spot ETF.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
