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BlackRock’s Spot Bitcoin ETF Is Ticking IBTC On DTCC

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BlackRock's Spot Bitcoin ETF Is Ticking IBTC On DTCC

(CTN News) – The iShares Bitcoin Trust, a highly anticipated spot bitcoin ETF from BlackRock, has made an appearance on a list maintained by the Depository Trust and Clearing Corporation, which provides post-trade clearance, settlement, custody, and information services to Nasdaq, according to a press release from Nasdaq.

The DTCC lists the BlackRock fund’s ticker as IBTC while it is still awaiting approval from the Securities and Exchange Commission, along with other proposed spot bitcoin funds.

Bloomberg senior ETF analyst Eric Balchunas wrote in a thread on X that this is the first spot ETF to be listed on DTCC and none of the others are on there (yet).

There is no denying that BlackRock is leading the charge on these logistics (seeding, ticker, DTCC) that tend to happen just prior to the launch of a new product or service. Hard not to see this as them receiving a signal that approval is certain/imminent.”

According to Balchunas, “$IBTC is defiantly a zzzzz ticker considering the options, but it fits BLK brand (they are more straight up and down),” he said.

If the goal is to make it into the client accounts of rich boomers who use wealth managers, then $HODL may be a better choice than something like $HODL.”

It was not immediately clear whether BlackRock’s and DTCC’s spokespersons would respond to The Block’s requests for comment.

A surge in bitcoin prices at BlackRock

Currently, around 12 spot bitcoin ETFs are awaiting approval by the U.S. Securities and Exchange Commission, including BlackRock’s iShares Bitcoin Trust.

Grayscale Investments, Fidelity, and WisdomTree are among the asset managers that have submitted applications in addition to BlackRock.

As a result of the regulator’s decision last month, all pending applications for the funds were delayed, which added at least another month to the ongoing review process.

It has surged amid excitement that an approval could be in the works, as the world’s largest cryptocurrency by market capitalization has risen 10.8% in the past 24 hours and 25.3% in the last month amidst speculation that an approval may be in the works.

Bitcoin’s price briefly touched $34,332 on Monday, the highest level it has been in over a year, according to CoinGecko, the website that tracks the price of bitcoin. During the time period between 6:58 p.m. and 7:58 p.m. Eastern Time.

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Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

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