The ticker for BlackRock’s spot Bitcoin ETF, which had been listed on the Depository Trust & Clearing Corporation (DTCC) website, has been removed. The listing had generated excitement among investors, suggesting that BlackRock was anticipating SEC approval of its ETF. But in the end, the market may have gotten a little carried away with the news.
More BlackRock Bitcoin spot ETFs on the DTCC website
While the news had initially participated in Bitcoin’s bullish rally overnight, the ticker for BlackRock’s upcoming Bitcoin spot ETF has finally been removed from the Depository Trust & Clearing Corporation’s (DTCC) list. This was the very first Bitcoin cash ETF to appear on the site, so its addition naturally created a surge of enthusiasm among investors.
The DTCC is a relatively low-key but crucial organization that provides clearing, settlement, custody and information services for the Nasdaq exchange, where BlackRock’s iShares ETF is theoretically due to be listed upon its likely future approval.
According to many analysts, this listing suggested that BlackRock expected its ETF to be approved by the Securities and Exchange Commission (SEC) in the near future. However, it would appear that the world’s largest asset manager has decided to wait a little longer.
The company refused to comment on this sudden and unexpected change, which does little to clarify the situation.
Oh yeah look at that.. good catch, not totally shocked my guess is they were told to or want to wait until they are days not weeks or months away. As I said yest it was surprising to see it on there
– Eric Balchunas (@EricBalchunas) October 24, 2023
Some observers were quick to cry market manipulation, indicating that BlackRock was trying to profit from the rise or fall of the Bitcoin price. Although this is unverifiable, the financial giant’s decision is all the more surprising given that it already benefits from a strong track record in ETFs, with over 570 applications already approved.
It’s also worth noting that, although the news of the ETF’s initial listing on the DTCC website had most likely contributed to the upward movement overnight, its withdrawal did not have the opposite effect, or at least to a lesser extent, with the Bitcoin price still hovering around $34,000.
Finally, if further proof were needed of crypto investors’ interest in the narrative surrounding ETFs, the DTCC website is now inaccessible due to an excessive influx of connections, with many people wishing to check for themselves whether BlackRock’s Bitcoin ETF has indeed been withdrawn.
