While the SEC has yet to make a decision, BlackRock’s product, known as the iShares Bitcoin Trust, is already featured on the Depository Trust and Clearing Corporation (DTCC) website, signaling its readiness for a potential launch.
BlackRock’s iShares Bitcoin Trust Listed by DTCC
Despite the U.S. Securities and Exchange Commission (SEC) not yet delivering a verdict on any of the spot Bitcoin ETF applications under review, it seems BlackRock is already making moves to formalize its offering across various platforms.
BlackRock Moves Forward Without Bitcoin ETF Verdict
This was pointed out by Bloomberg’s senior analyst, Eric Balchunas, who highlighted that BlackRock’s proposed iShares Bitcoin Trust is now listed on the website of the Depository Trust and Clearing Corporation (DTCC), a U.S. post-trade financial services company providing clearing and settlement services to the financial markets. For Balchunas and many analysts, this act is a clear statement of intent from BlackRock, as such a listing strongly suggests the product is on track for approval. On this matter, a company spokesperson told the media they currently cannot comment due to the clear restrictions it would pose concerning the SEC’s ongoing review.
In response, Balchunas posted a message on his X (Twitter) account, stating:
“The creation of an ETF occurs when the initial funding is provided (usually) by a bank or stockbroker used to buy some creation units (in this case, bitcoin) in exchange for ETF shares that can be traded on the open market from day one. I wouldn’t see this as an indicator of BlackRock buying Bitcoin, but I do see it as a sign that the Bitcoin ETF launch process is moving forward, even without an SEC response.”
Race for the First U.S. Bitcoin ETF
It’s worth noting that this move came days after BlackRock made some amendments to its spot Bitcoin ETF application.
Remember, the U.S. Securities and Exchange Commission (SEC) is currently conducting due diligence and reviewing applications from BlackRock, Fidelity, Invesco, Valkyrie, WisdomTree, and other managers looking to launch their Bitcoin ETF. All are expected to receive feedback by early 2024 at the latest.