NiftyNoon: BlackRock's iShares Bitcoin ETF: A Roller Coaster of Expectations at DTCC
Rumors around the approval of Bitcoin spot ETFs have sparked massive volatility (October 24, 2023)
Nifty Thought:
In a surprising twist, BlackRock's proposed iShares spot Bitcoin exchange-traded fund (ETF), which was recently listed on the Depository Trust & Clearing Corporation (DTCC), has disappeared from the list. This puzzling move follows Bloomberg ETF analyst Eric Balchunas' earlier tweet, in which he highlighted the ETF's listing as part of the process towards a crypto ETF launch.
Balchunas had noted the significance of BlackRock's ETF being the first spot ETF listed on the DTCC, indicating the firm's leading role in navigating the logistics required for an ETF launch. Speculations had emerged that BlackRock might have already secured SEC approval or was preparing for it. However, the sudden removal of the ETF from the DTCC list has raised questions.
Balchunas suggested that BlackRock may have been advised to wait until they are closer to their launch date. The crypto market's dynamic nature and regulatory considerations make for swift changes.
The SEC has until January 10, 2024, to make a final decision on the ETF's approval. These recent developments have added further intrigue to the story, leaving both investors and experts eagerly awaiting updates.
The iShares Bitcoin ETF's journey continues to be an evolving and captivating tale in the ever-changing world of cryptocurrencies.
Apologies for the delay in today's update. The news just came out. Thank you for your patience.
Highlighted News
BlackRock's iShares Bitcoin Trust has been listed & unlisted within hours on the DTCC (Depository Trust & Clearing Corporation):
Two things caught my eye from the latest iShares (Blackrock) S-1 amendment:
https://twitter.com/sgjohnsson/status/1716477694261485980?s=46&t=f73VVHVl3MrLNqfSK9v7ew
SEC has acknowledged Grayscale's spot ether ETF filing:
https://twitter.com/nategeraci/status/1716538764061729123?s=46
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