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No Green Light for Spot Bitcoin ETFs

Key Points:

  • Invesco and Galaxy’s Bitcoin ETF recently added to DTCC website
  • This addition does not indicate SEC approval for BTCO Spot Bitcoin ETF
  • BTCO addition comes amid multiple Bitcoin ETF applications by asset managers like BlackRock

No Green Light for Spot Bitcoin ETFs

As speculation about potential exchange-traded funds (ETFs) continues to swirl in the market, Invesco and Galaxy’s Bitcoin ETF, known as BTCO, was recently added to the website of the Depository Trust and Clearing Corporation (DTCC).

While this is an encouraging development, BTCO’s addition to the “ETF Products” list on the DTCC website does not guarantee future approval. According to a DTCC spokesperson, appearing on the list does not necessarily indicate “the result of any ongoing regulatory or approval process.”

The spokesperson further explains that it is common to add such securities as part of preparations for launching new ETFs in the market.

A Promising Sign for Bitcoin Spot ETFs?

The demand for this joint Bitcoin ETF, managed by global investment firm Invesco and cryptocurrency asset fund Galaxy Digital, was reactivated on June 21st.

Today, the appearance of their ticker on the DTCC comes at a time when many other players have also filed deposits for their ETFs. Recently, we heard about BlackRock’s iconic request for a Bitcoin Spot ETF filed on June 15th.

This event could be an encouraging sign for the cryptocurrency industry, especially when considering the potential impact of eventual approval on the adoption and legitimacy of cryptographic assets.

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