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BlackRock’s iShares Bitcoin Trust Lists on DTCC, Bringing US Bitcoin ETF Closer to Reality


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BlackRock’s iShares Bitcoin Trust Lists on DTCC

BlackRock’s iShares Bitcoin Trust has been listed on the Depository Trust and Clearing Corporation (DTCC), indicating progress in bringing a Bitcoin ETF to US markets. The DTCC, which serves as the clearing house for NASDAQ trading, confirmed the listing of BlackRock’s BTC fund under the ticker IBTC. This marks the first bitcoin ETF among numerous applications filed since June 15 to appear on the DTCC list.

Financing Schedule Revealed

BlackRock reportedly revealed its financing schedule for the BTC fund, which is set to begin in October 2023. Seeding, the initial funding of an ETF, is typically a moderate amount and does not necessarily indicate a large bitcoin purchase by BlackRock.

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Note: Seeding does not typically require as much money as is enough to start an ETF. So I wouldn’t read this as, “Oh my God, Blackrock is buying a ton of bitcoins” at all, but the fact that they did it and revealed it shows another step in the launch process.

– Eric Balchunas

SEC Continues to Evaluate ETF Applications

SEC Chairman Gary Gensler and the securities watchdog are actively involved in ETF discussions, as the federal agency continues to evaluate applications. This ongoing evaluation has led to speculation and price fluctuations in the Bitcoin market.

Bitcoin’s Market Price Rises

Bitcoin experienced a 5% price increase on October 23 following a week-long rally and developments in SEC v. Grayscale. The US Court of Appeals for the D.C. Circuit recently reaffirmed its ruling requiring the SEC to reconsider Grayscale’s application for a spot Bitcoin ETF. Grayscale’s success in its attempt to turn Bitcoin Trust into an ETF is seen as a positive development for ETF supporters.

Official court mandate in SEC v. Grayscale Download

Expectations for Bitcoin ETF Approval

There is anticipation that a Bitcoin ETF will be approved by the end of the year, according to legal experts. The approval of a Bitcoin ETF could have a significant impact on the valuation of BTC.

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