Are we on the cusp of a groundbreaking moment in the world of cryptocurrency?
BlackRock's Bitcoin Physical ETF has just been listed on DTCC, fueling speculations of its imminent approval.
From expert insights to market reactions, dive into this comprehensive analysis to grasp what's potentially coming next in the world of Bitcoin ETFs.
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DTCC Listing Reveals Ticker as "$IBTC"
It has been revealed that BlackRock's Bitcoin Physical ETF has been listed on the Depository Trust & Clearing Corporation (DTCC), an American post-trade financial services company providing clearing and settlement services.
DTCC plays a crucial role in the U.S. securities market; thus, the listing of BlackRock's Bitcoin Physical ETF has raised expectations that the approval of the ETF is imminent.
A Perspective from Industry Experts
Eric Balchunas, a Bloomberg ETF analyst, has reported that BlackRock's Bitcoin Physical ETF has been listed under the ticker "$IBTC" on DTCC.
BlackRock has applied for this ETF, known as "iShares Bitcoin Trust."
Although BlackRock's Bitcoin Physical ETF is still in the review stage, this is the first time a Bitcoin ETF ticker has been listed on DTCC.
The listing serves as a possible indicator that the approval and listing of the Bitcoin Physical ETF are around the corner.
Seed Funding Could Happen This Month
Scott Johnsson, a financial attorney, pointed out on October 24, 2023, some amendments regarding BlackRock's Bitcoin Physical ETF, stating, "BlackRock might seed-fund within this month."
Seed funding for an ETF means securing the initial capital required to commence operations, which in this case would involve purchasing Bitcoin. This news has also garnered attention.
Implications for Other Pending Bitcoin ETF Applications
Multiple applications for Bitcoin Physical ETFs have already been submitted.
Should BlackRock's application be approved, it's likely that other applications will also be approved, keeping the market closely watching for official announcements.
As of the time of writing, the price of Bitcoin (BTC) has sharply risen to around $35,000, up from approximately $30,000 until around October 23, 2023, likely spurred by this news.
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