Introduction
The iShares spot Bitcoin exchange-traded fund (ETF) proposed by BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), indicating potential approval from the United States Securities and Exchange Commission (SEC).
DTCC Listing as Part of the Process
According to Bloomberg ETF analyst Eric Balchunas, the DTCC listing is seen as a crucial step in bringing a crypto ETF to the market. The iShares spot Bitcoin ETF, with the ticker symbol IBTC, is being considered for listing on the Nasdaq stock exchange. Balchunas noted that BlackRock's involvement in logistics such as seeding, ticker, and DTCC listing suggests they may have received a signal that approval is certain or imminent.
Potential Approval and Floodgates Opening
If BlackRock's application is approved, it could pave the way for other spot crypto ETF filings currently under review by the SEC. This includes applications from ARK Investment, Fidelity, and Valkyrie. So far, the SEC has not approved a spot Bitcoin or Ether application for listing on a U.S. exchange, but it began allowing investment vehicles tied to Bitcoin futures in October 2021.
Grayscale's BTC ETF Application
The listing of BlackRock's iShares Bitcoin ETF on the DTCC follows a mandate by a U.S. appellate court that requires the SEC to review a spot BTC ETF application from Grayscale Investments. Grayscale submitted a registration statement to 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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