1 year ago
Exchange-traded money expert Eric Balchunas said the summation was “all portion of the process” of a crypto ETF being listed and traded and a affirmative motion for SEC approval.
The iShares spot Bitcoin exchange-traded money (ETF) projected by concern steadfast BlackRock has been listed connected the Depository Trust & Clearing Corporation (DTCC), suggesting imaginable support by the United States Securities and Exchange Commission, oregon SEC.
According to an Oct. 23 X (formerly Twitter) thread, Bloomberg ETF expert Eric Balchunas said the DTCC listing was “all portion of the process” of bringing a crypto ETF to market. The iShares spot Bitcoin (BTC) ETF has a ticker awesome of IBTC for a imaginable listing connected the Nasdaq banal exchange, which applied to database and commercialized shares of the concern conveyance successful June.
“This is [the] archetypal spot ETF listed connected DTCC, nary of the others connected determination (yet),” said Balchunas. “Def notable BlackRock is starring complaint connected these logistics (seeding, ticker, dtcc) that thin to hap conscionable anterior to launch. Hard not to presumption this arsenic them getting awesome that support is certain/imminent.”
The iShares Bitcoin Trust has been listed connected the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker volition beryllium $IBTC. Again each portion of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023Balchunas speculated that BlackRock whitethorn person already received the greenish airy for listing the ETF from the SEC oregon was “prepping everything assuming so.” Based connected the day of BlackRock’s application, the SEC has until Jan. 10, 2024 to scope a last determination connected support oregon denial of the ETF.
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Should BlackRock’s exertion beryllium approved, it could pb to the floodgates opening for a fig of spot crypto ETF filings presently being reviewed by the SEC, including ones from ARK Investment, Fidelity, and Valkyrie. To date, the SEC has ne'er approved a spot BTC oregon Ether (ETH) exertion for listing connected a U.S. exchange, but starting allowing concern vehicles tied to Bitcoin futures successful October 2021.
The BTCC listing followed a U.S. appellate tribunal issuing a mandate enforcing an Aug. 29 determination which would necessitate the SEC to reappraisal a spot BTC ETF exertion from Grayscale Investments. Grayscale submitted a registration connection to the SEC to database shares of its Bitcoin Trust connected the New York Stock Exchange Arca nether the ticker awesome GBTC connected Oct. 19.
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