- BlackRock’s proposed iShares spot Bitcoin ETF lands on DTCC (Nasdaq), suggesting SEC’s impending approval.
- Bitcoin’s price catapults to $35,000 amidst growing optimism for an October ETF green light.
Navigating the Blockchain Road: BlackRock’s ETF Journey and Bitcoin’s Impressive Surge
The cryptocurrency sphere is alight with optimism as BlackRock, one of the global titans in asset management, marks a substantial stride towards introducing its iShares spot Bitcoin ETF. By securing a spot on the Depository Trust & Clearing Corporation (DTCC), the firm doesn’t merely emphasize its commitment to the crypto domain but also potentially foreshadows a forthcoming approval from the United States Securities and Exchange Commission (SEC).
🚀📈💰 Big News Alert! The iShares #Bitcoin (#BTC) Trust from #BlackRock just unlocked a new level by making its mark on the DTCC (Depository Trust & Clearing Corporation, the powerhouse behind NASDAQ trades). 🏆 And it's coming to you with the ticker $IBTC. 🚀📈💰
What does… pic.twitter.com/iaVrRgqCZP
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) October 24, 2023
The Implications of a DTCC Listing
For those unacquainted with the financial maze, the DTCC stands as a primary clearing and settlement organization, instrumental in launching an exchange-traded fund (ETF) into the market. Achieving this listing often hints at a forthcoming sanction for trading on major stock exchanges. In the world of crypto, this is tantamount to a significant endorsement, especially considering the SEC’s historical reservations about spot Bitcoin ETFs.
Bloomberg’s esteemed ETF analyst, Eric Balchunas, stressed that the DTCC listing is an integral milestone for a crypto ETF’s market debut. With the SEC’s track record of caution around spot Bitcoin ETFs, BlackRock’s maneuver insinuates a changing sentiment. There’s even speculation, as suggested by Balchunas, that BlackRock is either anticipating a swift approval or might have already clinched it.
Adding to the intrigue, the iShares spot Bitcoin ETF is branded with the ticker ‘IBTC’, setting it up for a prospective Nasdaq stock exchange listing. This move promises to significantly bolster the ETF’s prominence, inviting a more diverse group of investors to delve into the Bitcoin realm.
Bitcoin Price Skyrockets Beyond $35,000
This wave of enthusiasm isn’t confined to the ETF alone. Bitcoin’s price recently skyrocketed to a whopping $35,000, a surge largely attributed to the budding optimism and hopes pegged on the ETF being greenlit in October, as outlined in BlackRock’s iShares S-1 amendment. Blockchain researcher Collin Brown’s tweet amplifies this sentiment, resonating with a vast segment of the crypto community.
While the exact unfolding of events remains a watchful wait, BlackRock’s meticulous advancements are undoubtedly heralding a pivotal shift in the crypto investment arena. As the narrative progresses, both crypto aficionados and mainstream investors await the next chapter with eagerness.
