In a surprising development on October 24, 2023, the iShares Bitcoin Trust ETF managed by BlackRock made a notable appearance on the Depository Trust & Clearing Corporation (DTCC) list, sporting the $IBTC ticker. This occurrence has heightened expectations of a potential approval for the BlackRock iShares Bitcoin ETF, suggesting it may be closer than ever. However, mysteriously, the ticker was removed from the website on the following Tuesday, causing a 3% drop in Bitcoin's value just minutes after its disappearance.
The inclusion of BlackRock's iShares Bitcoin Trust on the DTCC list marks a significant milestone for this investment fund, which is part of BlackRock, one of the world's largest asset managers. When a fund, like the iShares Bitcoin Trust, is listed on the DTCC, it signifies recognition as a valid and legitimate financial asset subject to trading and settlement, following the rules established by the financial market. It's essential to note that being listed on the DTCC is a significant step, but it doesn't guarantee immediate trading on American exchanges, as SEC approval is still required.
Following the unexpected appearance of the IBTC ticker on the DTCC website on October 23, Bitcoin's price reached new annual highs. The markets were abuzz with the potential approval of the ETF on the horizon. However, the ticker's quiet removal from the site a few hours later led to a nearly 3% drop in Bitcoin's value, signaling that a substantial portion of speculative activity depended on monitoring ETF-related developments.
According to experts, the DTCC's practice of adding securities to the NSCC's security eligibility list is standard procedure in preparation for a new ETF's market launch. A DTCC spokesperson emphasized that inclusion on the list does not indicate a definitive outcome for pending regulatory processes or approvals.
Following the reemergence of IBTC, Bitcoin remained stable and saw a 0.15% increase in the last hour, as per data provided by TradingView.