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BlackRock Preparing to Launch Bitcoin ETF

Key Points:

  • BlackRock’s iShares Bitcoin Trust ETF has recently been listed with the DTCC under the symbol ‘$IBTC’.
  • BlackRock, the global asset management giant, is preparing to launch its Bitcoin ETF.
  • Experts and analysts believe that SEC approval for this ETF is highly likely.

The iShares Bitcoin Trust ETF by BlackRock has just been listed by the Depository Trust & Clearing Corporation (DTCC), a crucial step towards obtaining final approval from the SEC.

This announcement comes at a time when BlackRock is actively preparing to launch its Bitcoin ETF, although the Securities and Exchange Commission (SEC) has not yet approved this decision.

Eric Balchunas, a renowned Bloomberg analyst, fuels speculation by suggesting that BlackRock may have already obtained SEC approval for its Bitcoin ETF, or at least that the firm is preparing as if it were imminent.

Seriously, either they got the green light or they’re prepping as if they did.

Eric Balchunas

Hester Pierce, an SEC commissioner, has recently expressed her bewilderment at the delay in approving such financial products, stating that: “The logic for why we haven’t done this has always troubled me.

If BlackRock’s ETF gets the green light from the SEC, it could pave the way for a series of other Bitcoin ETFs on the waiting list, such as those from the giant Grayscale and Fidelity, thus amplifying institutional adoption of Bitcoin.

Remember, BlackRock had already filed for such an ETF in June, which had a significant impact on the price of Bitcoin. At that time, BlackRock CEO Larry Fink stated that he saw Bitcoin as an “international asset” that could “revolutionize finance“.

‘Buy the rumors, Sell the New’: BTC price reaches $35,000

Bloomberg experts and analysts have also expressed their optimism about the imminent approval of a Bitcoin ETF. They estimate up to 90% chance of validation in January, although these statistics should be taken with a grain of salt.

In reaction to this news, Bitcoin has experienced a remarkable surge, surpassing the $35,000 mark overnight.

While the SEC’s final decision is eagerly awaited, one thing is clear: the future of cryptocurrencies may be on the verge of a decisive turning point.

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