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BlackRock's Bitcoin ETF Move Indicates Imminent Approval

BlackRock has introduced its awaited spot bitcoin ETF, named iShares Bitcoin Trust, on the Depository Trust and Clearing Corporation's list. This organization, as highlighted by Nasdaq, offers services including post-trade clearance, settlement, and information.

Though the ETF is yet to receive the Securities and Exchange Commission's green light, along with other spot bitcoin fund candidates, its ticker on the DTCC is IBTC. Eric Balchunas, a senior ETF analyst at Bloomberg, pointed out that this is the DTCC's first listed spot ETF. He mentioned, "BlackRock's early move in these preparations signals an almost certain approval."

Balchunas added, "$IBTC might not be the catchiest ticker, but it aligns with BlackRock's brand. It's more suitable than, say, $HODL, especially for attracting wealthy, older clients who rely on wealth managers."

Around 12 spot bitcoin ETFs, including BlackRock's, are in line for SEC approval. Other applicants comprise notable asset managers like Grayscale Investments, Fidelity, and WisdomTree. Last month, the regulator postponed decisions on these funds, extending their review period.

With rumors of a possible approval, the leading cryptocurrency, Bitcoin, has seen a spike in its value, marking an increase of 10.8% in the last day and 25.3% in the past month. Recently, its price peaked at $34,332, its highest in over a year, as per CoinGecko.

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Posted: 2023-10-24
By: dwirch
Viewed: 115 times





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