- Invesco Galaxy Bitcoin ETF has recently started appearing on the DTCC website under the ticker ‘BTCO’.
- A representative stated that the listing of these ETFs is just “Standard Practice” and does not indicate a potential approval by the SEC.
- These preparations also include recent announcements by asset managers BlackRock and VanEck about launching their own funds.
Invesco Galaxy Bitcoin ETF, with the code BTCO, has started to be listed on the DTCC site: What does this listing mean? Is the ETF ready for approval?
Invesco Joins BlackRock on DTCC Site
Invesco Galaxy Bitcoin ETF listed as ‘BTCO’ has recently started appearing on the DTCC website. This marks the second proposed Spot Bitcoin ETF listed on the DTCC website, increasing the uncertainty around the potential approval of these funds while joining BlackRock’s spot Bitcoin ETF ‘IBTC’ listed under a different alias. Speculation about an imminent approval arose when BlackRock’s IBTC was first listed, but this optimism has diminished somewhat following a recent statement by a spokesperson from the financial services company. The representative clarified that the listing of these ETFs is just “Standard Practice” and does not indicate a potential approval by the SEC.
An ETF expert commented that the DTCC list does not signify anything in the broader scheme of a possible approval of Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). Instead, it merely indicates that these asset managers are making preparations in case they are approved by the SEC.
These preparations also include recent announcements by asset managers BlackRock and VanEck about launching their own funds. While this type of move does not guarantee the near or distant approval of these ETFs by the SEC, it does express optimism that these firms intend to release Spot Bitcoin ETFs at some point.
Valkyrie Joins the Spot Bitcoin ETF Amendment Train
Bloomberg analyst James Seyffart noted in a post on X (formerly known as Twitter) that asset management firm Valkyrie has joined the “prospectus amendment train” by submitting an updated Spot Bitcoin ETF draft. Valkyrie has now joined firms like ARK Invest, BlackRock, Fidelity, and Bitwise that have made changes to their prospectuses.
Seyffart is one of those who believe that these amendments might signify something. ARK Invest was the first asset manager to change its prospectus, prompting Seyffart and fellow Bloomberg analyst Eric Balchunas to predict that the SEC might approve a fund earlier next year.
In the meantime, the SEC has not yet commented on Grayscale’s application, despite the Commission’s decision not to file an appeal. However, ETF enthusiast and prominent financial attorney Scott Johnsson expects the Commission to hold a closed-door meeting on November 2; Grayscale’s first application since the final submission deadline, with one of the meeting’s agendas aimed at resolving the legal claims.
