After Grayscale’s victory in court over the SEC – and the regulator’s decision not to appeal the result – the drive for Bitcoin ETFs has increased.
The SEC Changes Its Tune
JPMorgan and Bloomberg Intelligence indicated that all signs pointed toward a Bitcoin ETF approval by the end of January 2024. Meanwhile, SEC Chairman Gary Gensler confirmed that he and his team were taking a look at about 8 to 10 separate ETF proposals and engaging with the companies behind them.
This change of pace was confirmed by Cathie Woods and Mike Novogratz. Both investors have already made Bitcoin ETF proposals, and both have reported an increase in constructive dialogue with the regulator following the Grayscale court case.
These signs pointed to a possible batch approval – or refusal – of ETF proposals. However, one ETF has made a sudden appearance on a stock market-linked corporation, which a Bloomberg analyst has singled out as a key milestone in government approval.
iShares Listed By DTCC
Eric Balchunas, Bloomberg’s Senior ETF Analyst, recently pointed out that Blackrock’s iShares Bitcoin Trust has been listed on the Depository Trust And Clearing Corporation’s website with the ticker iBTC.
The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023
The DTCC, which works closely with governments worldwide, is the corporation in charge of clearing NASDAQ trades. Although this listing does not guarantee approval by U.S. regulators, it shows that Blackrock is quite confident in the future of its proposed fund.
Blackrock’s Bitcoin ETF CUSIP was also spotted by financial lawyer Scott Johnson, along with an amendment to Blackrock’s paperwork that indicated Blackrock has already started providing seed capital for the fund.
So two things caught my eye from the latest iShares (Blackrock) S-1 amendment:– They’ve obtained a CUSIP in prep for a launch– They may be looking to seed with cash this month (which is earlier than I would’ve thought, but may be nothing) pic.twitter.com/lMDaKxiIbB
— Scott Johnsson (@SGJohnsson) October 23, 2023
A CUSIP is an identification number assigned to equity, debt, and other securities-registered bonds in the U.S. and Canada and is used to distinguish securities from each other.
Balchunas acknowledged Johnsson’s catch while warning readers to refrain from reading too much into it too early.
“BlackRock (are) stating in their recent spot Bitcoin ETF amendment that they are seeding the ETF in October. Don’t want to read that much into it, but it is new info not in the original filing, so noteworthy (esp bc they are BlackRock).”
If Blackrock’s ETF ends up being approved within the next few weeks, the SEC will probably pronounce itself on the fate of the other ETFs in roughly the same time period.
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