BlackRock’s Bitcoin ETF Reappears on DTCC List: Why Is This Listing Significant?

  • BlackRock’s proposed spot Bitcoin ETF disappeared from the list held by the Depository Trust and Clearing Corporation but later reappeared in the late hours of the evening.
  • Many industry observers interpreted the initial appearance of BlackRock’s iShares Bitcoin Trust fund on the list as a sign that potential approval from the Securities and Exchange Commission (SEC) could be one step closer.
  • After BlackRock’s fund disappeared from the list on Tuesday morning, Bitcoin retraced some gains, and the DTCC website appeared to have crashed due to heavy traffic.

BlackRock’s spot Bitcoin ETF fund returns to DTCC listing: Why does this listing matter? Could it mean that the ETF will get approval?

DTCC Reintroduces BlackRock’s Bitcoin ETF

bitcoin-btc

DTCC provides post-trade clearance, settlement, custody, and information services for Nasdaq, and many industry observers saw the initial appearance of BlackRock’s iShares Bitcoin Trust fund on the list as a sign that potential SEC approval might be one step closer. The world’s largest cryptocurrency by market value reached its highest level since May 2022, surpassing $35,000.

After BlackRock’s fund disappeared from the list on Tuesday morning, Bitcoin retraced some gains, and the DTCC website appeared to have crashed due to heavy traffic. A DTCC spokesperson responded to questions by email, stating that adding security to the National Securities Clearing Corporation (NSCC) security compliance file for the launch of a new ETF is standard practice.

The spokesperson explained, “The names on the file include active and potential ETF securities. Their appearance on the list signifies that a sponsoring bank has requested a DTCC identifier for an ETF fund, and DTCC may process this transaction at a future date following SEC approval, the timing of which is uncertain.”

The same spokesperson added, “The appearance on the list does not indicate the outcome of any pending regulatory approvals or other approval processes for a specific ETF fund,” and continued, “BlackRock’s iShares Bitcoin Trust ETF was filed in August 2023. We continue to uphold our expectations regarding new offerings and the digitization of financial markets.”

The congestion at DTCC signals uniqueness and intensity

Bloomberg Senior ETF Analyst Eric Balchunas commented earlier in the day, “DTCC, which is not accustomed to such attention or action, is a very dull place behind the scenes. This points to the uniqueness and intensity of this whole event.”

When contacted by COINOTAG, BlackRock declined to comment on the matter. The price of Bitcoin has fallen by 0.6% in the last 24 hours, trading at around $34,195. Bitcoin’s price has seen a 20% increase in the past week.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Bitcoin Price Levels: Threat of $95,000 Liquidations and Potential Surge Beyond $99,000

According to COINOTAG News</ on November 24th, recent data...

Luggis.eth Unlocks $1.03 Million in ILV from Illuvium Farming and Swaps for 286 ETH

On November 24th, COINOTAG reported a significant transaction within...

Bitcoin Volatility Index Drops to 66.32: Insights on Market Expectations and Trends

On November 24th, the BitVol Index, a metric designed...

Bitcoin Miners Opt for Empty Blocks: Economic Strategy at Height 871732

On November 24th, COINOTAG reported a significant occurrence in...

Howard Lutnick Strengthens Financial Ties with Tether Holdings Ltd. to Launch Billion-Dollar Bitcoin Loan Initiative

On November 24th, 2023, COINOTAG reported that renowned entrepreneur...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img