Now we can see iShares Bitcoin Trust in a list maintained by the Depository Trust and Clearing Corporation.
BlackRock is the world’s top fund manager firm which doesn’t require any introduction in the financial world. In the mid of June of this year, this fund manager applied for a Bitcoin spot ETF called iShares Bitcoin Trust with the United States Securities and Exchange Commission (SEC) and later introduced several changes to support the possibilities of regulatory approval.
Today, BlackRock’s Bitcoin spot ETF product made an appearance on a list maintained by the Depository Trust and Clearing Corporation (DTCC). Here DTCC plays an important role in providing post-trade clearance, settlement, custody, and information services.
Bloomberg’s senior ETF analyst Eric Balchunas took to X (Twitter) and shared this information with the crypto industry.
Following this news the trade price of Bitcoin surged from $30,299 to $35,146 within 6 hours. Net Bitcoin trade price surged 16%.
Here people need to understand that all such information is evidence that BlackRock’s team is ready to provide its Bitcoin spot ETF product trading for people shortly but only waiting for the final approval from the SEC body.
Before this, the majority of the ETF experts claimed that approval of Bitcoin spot ETF applications would be possible somewhere in early 2024 but now sentiments have changed & it is expected that huge numbers of Bitcoin spot ETF products will succeed in getting regulatory approval before the end of this year.
Grayscale gets court approval for Bitcoin spot ETF
Grayscale, the top digital assets fund manager, has been trying to convert its Green Bitcoin (GBTC) fund into a Bitcoin spot ETF product since late 2021 but failed as the SEC body rejected its application.
In response, Grayscale sued the SEC for blindly rejecting its application. Nearly 1.5 months ago, the court ordered the SEC body to again review Grayscale’s application.
In the latest development, the court allowed the company to proceed with its Bitcoin Spot ETF application and send the application back to the SEC.
The court order instructed the financial regulatory body on how to proceed with Grayscale’s Bitcoin Spot ETF application.
Last Wednesday, SEC chairman Gary Gensler confirmed that SEC staff was working on different Bitcoin spot ETF applications.
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