BlackRock’s bitcoin (BTC) ETF, dubbed the iShares Bitcoin Trust, is now listed on the DTCC (Depository Trust & Clearing Corporation).
This is the entity that, according to Nasdaq, is responsible for the clearing, settlement and servicing of securities in the US market. It means that the ETF, with the ticker IBTC, is now officially recognized.
The U.S. Securities and Exchange Commission (SEC) is still waiting to approve the financial product. But, according to Eric Balchunas, a specialist at Bloomberg Intelligence, BlackRock is on the right track:
“BlackRock has added a ticker, a listing on the DTCC, and an initial dollar value. A lot of boxes are being checked.”Eric Balchunas, specialist at Bloomberg Intelligence.
For Balchunas, all this means that “there is a sign of approval in sight.”
The market understands this too, yes, and BTC soared higher as soon as the news broke. Minutes ago, it reached above $34,000, marking a new high in 2023, as seen in the chart provided by TradingView.
Bitcoin hasn’t reached these prices since May 2022. According to analyst Jacobo Maximiliano, the digital currency could go as high as $36,000 in the coming days.
This comes on the same day that, as reported by CriptoNoticias, a Court formally confirmed that the SEC must review the bitcoin ETF application filed by Grayscale. Evidently, the race to launch the first ETF has been unleashed and BlackRock shows intentions to stand out. Although, in the opinion of many, the SEC, should it approve these financial products, would do so en masse, all at once.
BlackRock’s importance in this scenario cannot be underestimated. It is the world’s largest asset management firm, with more than $9 trillion under management.
Image: Copyright: zalmoxis
[newsletter_form lists="1"]
