BTC Soars as Blackrock Moves Closer to Launch ETF
Blackrock is preparing to launch its spot bitcoin ETF, the Ishares Bitcoin Trust, on the Depository Trust and Clearing Corporation (DTCC), which is responsible for clearing Nasdaq trades.
The firm has secured a ticker symbol and a CUSIP number for the ETF, which is now listed on the DTCC. This move has sparked optimism among crypto investors, leading to a significant surge in bitcoin’s price.
Eric Balchunas, a senior ETF analyst for Bloomberg, explained that the steps taken are part of the process of bringing an ETF to market. The amendment to the Registration Statement for Ishares Bitcoin Trust, filed with the U.S. Securities and Exchange Commission on October 18, suggests that Blackrock may be buying bitcoin this month to seed its upcoming spot bitcoin ETF.
Blackrock announced in their recent spot bitcoin ETF amendment that they will seed the ETF in October. This is not a significant change, but it is not a significant purchase. Balchunas clarified that seeding is typically not a significant amount, but the disclosure of this information indicates a significant step in the ETF’s launch process.
(With inputs from Shikha Singh)
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