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The world\u2019s largest asset manager continues to prep its proposed bitcoin ETF as segment observers have pointed to potential bullish signs that such products will be approved.<\/p>\n
BlackRock\u2019s planned iShares Bitcoin Trust is now listed on the Depository Trust and Clearing Corporation (DTCC) website. The planned fund\u2019s ticker is IBTC, according to the listing.\u00a0\u00a0<\/p>\n
Bloomberg Intelligence senior analyst Eric Balchunas said Monday that IBTC is the first proposed spot bitcoin ETF listed on DTCC \u2014 a financial market infrastructure giant that processes trillions of dollars in securities transactions daily.<\/p>\n
A DTCC subsidiary \u2014 National Securities Clearing Corporation (NSCC) \u2014 has a process for clearing ETFs that includes \u201cthe ability to review\u2026the ETF\u2019s portfolio constituents, which is also used to automate the creation and redemption of ETF shares and their subsequent settlement,\u201d according<\/a> to the company.<\/p>\n A representative for DTCC<\/a> did not immediately return a request for comment. A BlackRock spokesperson said the firm was unable to comment due to \u201cfiling restrictions.\u201d<\/p>\n The product\u2019s listing<\/a> on DTCC\u2019s website comes after BlackRock amended its bitcoin ETF proposal on Oct. 18.\u00a0<\/p>\n Scott Johnsson, an associate at Davis Polk & Wardwell, noted<\/a> the updated S-1 filing<\/a> included a CUSIP for the product \u2014 a nine-character code needed to identify a North American security for the clearing and settlement of trades.<\/p>\n The filing also contained language that seed creation baskets were to be purchased in October \u201csubject to conditions\u201d but did not specify a date or amount.\u00a0<\/p>\n \u201cDef notable BlackRock is leading charge on these logistics (seeding, ticker, dtcc) that tend to happen just prior to launch,\u201d Balchunas wrote in a Monday X post. \u201cHard not to view this as them getting signal that approval is certain\/imminent.\u201d<\/p>\n Others had amended their bitcoin ETF applications prior to BlackRock doing so.\u00a0<\/p>\n Ark Invest and 21Shares had updated their bitcoin ETF filing<\/a> on Oct. 11. Bloomberg Intelligence analysts pointed to various additions, such as clarification that the trust\u2019s assets would not be commingled with corporate or other customer assets.<\/p>\n Ark CEO Cathie Wood told CNBC in an interview<\/a> last week that the amendment followed dialogue with the SEC.<\/p>\n Read more: <\/strong>Another would-be bitcoin ETF player: \u2018It\u2019s going to get approved\u2019<\/a><\/p>\n The filing amendments are not the only apparent progress being made in the quest for a bitcoin ETF.\u00a0<\/p>\n Grayscale filed last week to register shares of its Bitcoin Trust (GBTC<\/a>) under the Securities Act of 1933 as part of a new step in the process<\/a> to ultimately convert the trust into an ETF.<\/p>\n The DC Circuit Court of Appeals on Monday formalized its August ruling<\/a> that the SEC rejecting the GBTC conversion to an ETF, but approving bitcoin futures funds, was \u201carbitrary and capricious.\u201d<\/p>\n The firm \u201clooks forward to continuing to work constructively with the SEC<\/a>\u201d to convert GBTC to an ETF, a Grayscale spokesperson told Blockworks \u2014 adding that \u201cwe intend to move as expeditiously as possible.\u201d<\/p>\n Bitcoin\u2019s (BTC<\/a>) price was at roughly $31,600 at about 5:30 pm ET \u2014 up 6% from 24 hours prior.<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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