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BlackRock’s proposed spot bitcoin ETF, the iShares Bitcoin Trust, has appeared on a list maintained by the Depository Trust and Clearing Corporation (DTCC) under the ticker IBTC.
The latest move by the financial behemoth indicates that a Bitcoin spot ETF could be just around the corner.
BlackRock Spot Bitcoin ETF Appears On DTCC Website
BlackRock is the world’s largest asset manager, with over $10 trillion in assets under management. The asset manager is now preparing to launch the first spot Bitcoin exchange-traded fund (ETF) in the US markets. The asset manager’s highly anticipated iShares Bitcoin Trust has made an appearance on a list maintained by the Depository Trust and Clearing Corporation, which, according to Nasdaq, provides post-trade clearance, settlement, custody, and information services. According to the Nasdaq website,
“The Depository Trust and Clearing Corporation (DTCC), through its subsidiaries, provides post-trade clearance, settlement, custody, and information services for equities, corporate and municipal debt, money market instruments, American depositary receipts, exchange-traded funds, unit investment trusts, mutual funds, insurance products, and other securities.”
The ETF will trade under the ticker symbol IBTC. ETF analyst at Bloomberg, Eric Balchumas, added that while IBTC may not be the most exciting ticker choice, it is in line with BlackRock’s brand and could potentially apply to wealthy clients that use asset managers. Balchunas stated that this marks the first occasion when a spot bitcoin ETF has been listed on the Depository Trust and Clearing Corporation website, and none of the other potential spot bitcoin ETFs have achieved this.
“$IBTC is definitely a zzzzz ticker considering the options, but it fits BLK brand (they are more straight up the middle). Arguably better than something like $HODL if the goal is to make it into client accounts of rich boomers who use wealth managers.”
Balchunas also highlighted BlackRock’s proactive approach to logistics, such as ticker selection, seeding, and listing on DTCC, which typically occurs just before launch. This led to considerable speculation that approval for the
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Author: Amara Khatri
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