BlackRock's Bitcoin ETF: Nasdaq Listing
The iShares spot Bitcoin exchange-traded fund (ETF), which has been proposed by BlackRock, an investment firm, has been officially listed on the Depository Trust & Clearing Corporation (DTCC). This listing is seen as a crucial step in the process of gaining approval from the United States Securities and Exchange Commission (SEC) for the ETF.
In a recent Twitter thread, Bloomberg's ETF analyst, Eric Balchunas, noted that being listed on the DTCC is a significant part of the process for bringing a cryptocurrency ETF to the market. This ETF, with the ticker symbol IBTC, is being considered for listing on the Nasdaq stock exchange. The Nasdaq applied to list and trade shares of this investment vehicle in June.
What's noteworthy is that this is the first spot ETF to be listed on the DTCC. None of the other crypto ETFs have reached this stage yet. Balchunas suggests that BlackRock's involvement in these logistics, such as seeding, ticker assignment, and the DTCC listing, is a clear sign that they believe approval for the ETF is highly likely, if not imminent.
Eric Balchunas, the Bloomberg ETF analyst, speculated that BlackRock may have received the green light or was making preparations assuming they would get approval for their ETF listing from the SEC. BlackRock's application has a deadline of January 10, 2024, for the SEC to make a final decision on its approval or denial.
If BlackRock's application is approved, it could potentially pave the way for other spot crypto ETF filings currently under review by the SEC. These include applications from firms like ARK Investment, Fidelity, and Valkyrie. Up to this point, the SEC has not approved any spot Bitcoin or Ethereum ETF applications for listing on a U.S. exchange. However, they began permitting investment products tied to Bitcoin futures in October 2021.
The listing of BTCC occurred following a U.S. appellate court's mandate that enforced a decision from August 29, which required the SEC to review a spot Bitcoin ETF application submitted by 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 on October 19.
Reference:
BlackRock’s spot Bitcoin ETF now listed on Nasdaq trade clearing firm — Bloomberg analyst (2023) Cointelegraph. Available at: https://cointelegraph.com/news/blackrock-spot-bitcoin-etf-nasdaq-clearing-firm (Accessed: 24 October 2023).