black rock

BlackRock, the world's largest asset manager, is moving closer to launching a Bitcoin ETF, evidenced by its iShares Bitcoin Trust appearing on the Depository Trust and Clearing Corporation (DTCC) website. The listing of the fund, which goes by the ticker IBTC, makes it the first proposed spot Bitcoin ETF on DTCC, a financial market giant that handles trillions of dollars in daily transactions.
This listing comes after BlackRock amended its original Bitcoin ETF proposal on October 18. Scott Johnsson, an associate at Davis Polk & Wardwell, pointed out that the amended filing included a CUSIP—a unique identifier necessary for North American securities. The filing also vaguely mentioned that seed creation baskets for the ETF would be purchased in October, subject to certain conditions. That means that Bitcoin is BUYING BITCOIN, although it may be in small amounts.
The developments at BlackRock are part of a larger trend, as other investment firms like Ark Invest and 21Shares have also updated their Bitcoin ETF applications recently. Ark Invest's amendments followed discussions with the SEC, further indicating regulatory conversations are taking place. Grayscale is also progressing, registering shares of its existing Bitcoin Trust under the Securities Act of 1933, aiming to eventually convert it into an ETF.
Analysts and legal experts view these developments as signs that the approval of Bitcoin ETFs could be imminent, with BlackRock's moves seen as particularly bullish. This optimism comes amidst a backdrop of legal developments, like the DC Circuit Court's recent ruling that criticized the SEC's rejection of Grayscale's ETF conversion as "arbitrary and capricious."
The market appears to be responding positively, Bitcoin's price rose by 15% in the last 24 hours, standing at roughly $34,200.