Two weeks ago, the price of Bitcoin rose as the symbol for the upcoming Blackrock Bitcoin ETF appeared on the DTCC website. Two other candidates can now find their symbols on the official website of the American Depository Trust and Clearing Corporation.
Joint application for Bitcoin ETF
This seems to indicate that the approval of the Bitcoin ETF application by fund companies Galaxy and Invesco is a formality. To be clear: Invesco and Galaxy have submitted a joint application.
The ETF was added to the list in the past six days as the Wayback Machine web archiver shows no entries under the ticker symbol BTCO for October 25.
No guarantee of admission
The addition of a symbol to the list of “ETF Products” on the DTCC website does not guarantee future approval of that product.
A DTCC spokesperson said it was standard procedure for the DTCC to add securities to the NSCC security-eligible pool “in preparation for the launch of a new ETF.”
“The appearance on the list is not indicative of the outcome of any ongoing regulatory or other approval processes,” the spokesperson added.
The Joint Spot Bitcoin ETF managed by Invesco and Galaxy Digital is an ETF that would invest in physical Bitcoin. The application of this ETF was reactivated on June 21 after previously being withdrawn.
What are DTCC and NSCC?
The DTCC is an American financial institution that plays a central role in approving and processing securities transactions. NSCC is a subsidiary of DTCC and is responsible for the clearing and settlement of listed shares.
The NSCC Securities Eligibility File is a list of securities eligible for clearing and settlement by the NSCC. Adding a security to the list is a step toward launching a new ETF, but does not guarantee that the ETF will actually be approved.
Source: BtcDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
