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Renowned exchange-traded fund analyst, Eric Balchunas, expressed that the recent inclusion of the iShares spot Bitcoin exchange-traded fund (ETF) in the Depository Trust & Clearing Corporation (DTCC) is a significant step in the process of obtaining approval from the United States Securities and Exchange Commission (SEC) for a crypto ETF.
Eric Balchunas, a Bloomberg ETF analyst, shared his insights via a tweet on October 23rd, referring to the DTCC listing as an integral part of the crypto ETF’s journey to the market. The iShares spot Bitcoin ETF, bearing the ticker symbol IBTC, is potentially poised for listing on the Nasdaq stock exchange. This development follows the ETF’s application to list and trade shares, submitted in June.
Balchunas pointed out the uniqueness of this event, stating, “This is the first spot ETF listed on DTCC, none of the others are there (yet).” He also emphasized BlackRock’s proactive role in shaping the logistics, such as seeding, assigning a ticker, and securing DTCC listing, which traditionally precede the official launch of an ETF. It’s difficult not to interpret this as a sign that BlackRock is confident about the imminent approval of their ETF by the SEC.
Balchunas speculated that BlackRock may have already received the green light from the SEC or was diligently preparing for that possibility. According to BlackRock’s application date, the SEC is expected to make a final decision on the ETF’s approval or denial by January 10, 2024.
If the SEC greenlights BlackRock’s application, it could pave the way for a wave of spot crypto ETF submissions that are currently under SEC review. Notable names in this space include ARK Investment, Fidelity, and Valkyrie. To date, the SEC has not sanctioned the listing of a spot Bitcoin or Ether application on a U.S. exchange, but they did commence allowing investment products tied to Bitcoin futures in October 2021.
The listing of BTCC was prompted by a U.S. appellate court’s mandate, enforcing a decision made on August 29th, which obligated the SEC to consider a spot BTC ETF application from Grayscale Investments. On October 19th, Grayscale submitted a registration statement to the SEC, seeking to list shares of its Bitcoin trust on the New York Stock Exchange Arca under the ticker symbol GBTC.
