A DTCC spokesperson confirmed that the IBTC ticker for the BlackRock iShares Bitcoin ETF has appeared since August through a unique ID code called CUSIP.
Bitcoin has made a strong move moving to $35,000 earlier this week and clocking more than 20% gains on the weekly chart. This typically happened as the BlackRock iShares Bitcoin ETF ticker IBTC surfaced on the Depository Trust and Clearing Corporation’s (DTCC) website.
Interestingly, one spokesperson from DTCC recently confirmed with CoinDesk that the appearance of the ticker is nothing new. Rather, it’s present on the DTCC website since August 2023.
This week, crypto traders saw the appearance of BlackRock Inc‘s (NYSE: BLK) product on the page as a potential sign that its ETF might receive approval soon. However, DTCC clarified that having an ETF listed on the page doesn’t imply regulatory approval. It’s a preliminary step in the process, including securing a ticker symbol and a unique ID code called a CUSIP, which any ETF must complete while awaiting approval from the US Securities and Exchange Commission. The spokesperson added:
“It is standard practice for DTCC to add securities to the NSCC security eligibility file in preparation for the launch of a new ETF to the market”.
Market Analysts Share Views on BlackRock Bitcoin ETF
Amid the back and forth of the BlackRock iShares Spot Bitcoin ETF on the DTCC website, market experts shared their views on the development.
Joe Light, from Barron’s Online, observed a noticeable change in the new ETF listing compared to its previous version. The earlier listing had a “Y” indicating “yes” under the create/redeem section, while the updated version displayed an “N” for “no.” Light publicly wondered whether this change could suggest a launch without that attribute, similar to existing Bitcoin trusts, or if there were other reasons for this modification.
James Seyffart responded by suggesting that the alteration likely signifies BlackRock’s preparations for a potential launch. He explained that it indicates BlackRock is making the necessary preparations, pending SEC approval, and the “N” indicates that it’s not open for redemption because it’s not yet operational. Light speculated that the initial “Y” might have been a mistake that needed correction, which would make sense.
Gabor Gurbacs, founder of PointsVille and advisor to Tether and VanEck, provided some context for the situation. He emphasized that major institutions are actively working on creating spot Bitcoin ETFs, demonstrating their commitment to the space. Gurbacs also cautioned against drawing exaggerated conclusions from operational details, noting that the media often sensationalizes such filings. He stressed that the industry and regulatory collaboration are moving in the right direction and are positive developments.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
