DTCC Adds BlackRock’s Bitcoin ETF to List of Supported Assets

The proposed BlackRock spot Bitcoin-ETF — iShares Bitcoin Trust — appeared in a list of assets associated with DTCC, for which the company provides post-trade, clearing and settlement services.

The instrument is listed under ticker IBTC. As of writing, the asset remains under registration with the SEC.

Bloomberg analyst Eric Balchunas said there are no other spot Bitcoin ETFs on the DTCC list.

“Clearly, BlackRock has paid the logistics costs that typically occur just before launch. It’s hard not to view this as signaling that approval is certain / inevitable,” explained the expert.

? Bloomberg senior ETF analyst @EricBalchunas:

**”This is first spot ETF listed on DTCC, none of the others on there (yet),”

**”Def notable BlackRock is leading charge on these logistics (seeding, ticker, dtcc) that tend to happen just prior to launch. Hard not to view this… https://t.co/vW5wP8UCMf

— PiQ (@PiQSuite) October 23, 2023

The analyst liked the ticker name.

“This is better than something like $HODL. If the goal is to move them into client accounts of wealthy boomers who use asset managers,” he noted.

$IBTC is def a zzzzz ticker considering the options, but it fits BLK brand (they more straight up the middle) and arguably better than something like $HODL if goal is to make it into client accounts of rich boomers who use wealth managers.

— Eric Balchunas (@EricBalchunas) October 23, 2023

Lawyer Scott Johnson noted that the latest BlackRock amendments to the filing included data on obtaining a CUSIP and a signal that approval could be obtained as early as this month.

So two things caught my eye from the latest iShares (Blackrock) S-1 amendment:
— They’ve obtained a CUSIP in prep for a launch
— They may be looking to seed with cash this month (which is earlier than I would’ve thought, but may be nothing) pic.twitter.com/lMDaKxiIbB

— Scott Johnsson (@SGJohnsson) October 23, 2023

On June 15, BlackRock sent a filing to the SEC for a spot Bitcoin ETF product. Following the financial giant, similar filings were submitted by Valkyrie, Fidelity Investments, WisdomTree and Invesco.

On August 31, the SEC delayed making a decision on several Bitcoin ETFs at least until mid-October. In late September, the regulator pushed back consideration of the applications to January 2024.

In August, the court sided with Grayscale in the case against the regulator regarding the conversion GBTC into an exchange-traded fund. In October the regulator declined to appeal this verdict.

This was preceded by amendments by various applicants to proposals for registering a spot Bitcoin ETF.

“New and comprehensive,” Balchunas said, in filings the comments began to include among other things asset custody/storage methods and the determination of NAV (in accordance with GAAP). The analyst saw this as a “good signal.” In August he calculated that the probability of approving a spot Bitcoin ETF by the end of 2023 was 75%, and by the end of 2024 — 95%.

Analysts at JPMorgan forecast the product would be registered by January 10, 2024—the final deadline for the ARK Invest and 21Co applications. Galaxy Digital CEO Mike Novogratz said this could happen by the end of 2023.

As Cointelegraph, October 16, reported, the crypto-media published a post on X about the approval of BlackRock’s spot Bitcoin ETF. Amid the news, the price of the first cryptocurrency rapidly jumped to $30,000, but the asset also fell sharply after reports of a hoax.

Earlier Matrixport analysts forecast a rise in “digital gold” to $42,000–$56,000 as a result of the instrument’s approval. CryptoQuant reported values at $50,000–$73,000.