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BlackRock’s iShares Bitcoin Trust has secured its place on the Depository Trust and Clearing Corporation (DTCC) roster. This move, though customary, showcases the strides taken towards introducing a spot Bitcoin ETF to American investors.
The DTCC, recognized as NASDAQ’s clearing house, now includes the BlackRock BTC fund. As confirmed by the listing, the fund will operate under the ticker IBTC. Eric Balchunas, an ETF specialist, elucidated the significance of this incorporation. Furthermore, of all the Bitcoin ETF applications submitted since mid-June, BlackRock’s iShares Bitcoin Trust stands out as the premier entrant on the DTCC’s list.
BlackRock, in an update to its submission to the U.S. Securities and Exchange Commission (SEC), unveiled plans for its seeding phase, set to commence in October 2023. As Eric Balchunas from Bloomberg highlighted, seeding pertains to the initial capital poured into an ETF to facilitate its launch-day trading, and this figure is usually modest.
Update October 25:
Bitcoin (BTC) experienced a swift 3% drop from its position close to $35,000 late Tuesday morning when BlackRock’s (BLK) bitcoin ETF ticker – IBTC – vanished from the Depository Trust & Clearing Corporation’s (DTCC) website. The presence of the ticker on the DTCC website had previously led many to speculate about a potential approval for a spot bitcoin ETF, which might have contributed to BTC’s rapid ascent from around $30,000 to over $35,000.
Recent data from the Chicago Mercantile Exchange (CME) indicates that the open interest for bitcoin futures soared to an all-time high of $3.4 billion on Monday, pointing to increased attention from institutional players. At the latest update, Bitcoin was priced at $33,600, marking an increase of more than 8% in the last 24 hours.