- BlackRock‘s iShares Bitcoin Trust has already been listed by the Depository Trust and Clearing Corporation (DTCC)
- This process has taken place in the absence of an official verdict from the SEC
- The regulator is still reviewing the proposals of BlackRock and other applicants
- Official verdicts are expected by early 2024 at the latest.
Although the US Securities and Exchange Commission (SEC) has not yet issued a verdict on any of the applications for Bitcoin spot ETFs under review, everything seems to indicate that BlackRock is already moving forward to formalize it on different platforms.
BlackRock advances although there is still no verdict for its Bitcoin ETF
This was indicated by Bloomberg senior analyst Eric Balchunas, who highlighted that the iShares Bitcoin Trust proposed by BlackRock is already listed on the website of the Depository Trust and Clearing Corporation (DTCC), an American post-trade financial services company, which provides clearing and settlement services to financial markets.
For Balchunas and many analysts, this act constitutes a clear declaration of intent on the part of BlackRock, since such a listing seems a clear indication that the product in question is on its way to approval. On this, a company spokesperson told the media that at the moment they cannot comment, due to the clear restrictions that it would entail with respect to the presentation being evaluated by the SEC.
Given this, Balchunas commented in a message published on his X (Twitter) account the following:
The creation of an ETF occurs when the initial financing is provided (typically) by a bank or a stockbroker that is used to purchase some creation units (in this case, bitcoin) in exchange for shares of the ETF that can be traded on the market open from day one.
He added that he would not see this as an indicator of Bitcoin purchase by BlackRock, but he does consider it an indicator that progress is being made in the process of launching the Bitcoin ETF, although there is still no response from the SEC.
The race for the first Bitcoin ETF in the US
Although there is no official comment on this fact, the truth is that it came about days after BlackRock introduced some changes to its Bitcoin spot ETF application.
Let’s keep in mind that the US Securities and Exchange Commission (SEC) is currently doing due diligence and reviewing applications from BlackRock, Fildelity, Invesco, Valkyrie, WisdomTree and other managers interested in launching their Bitcoin ETF. It is expected that all of these will receive a response no later than early 2024.
Regarding the process, the president of the agency, Gary Gensler, assured that they are evaluating all the presentations, indicating that they will take the time it should take for all of them to receive their official verdict.
