In a significant development for the cryptocurrency investment landscape, the Invesco Galaxy Bitcoin ETF, abbreviated BTCO, has reached a critical milestone by appearing on the Depository Trust and Clearing Corporation (DTCC) website. This listing marks a significant step in the approval process for the spot Bitcoin ETF, which is jointly managed by global investment firm Invesco and crypto asset fund Galaxy Digital. Here are the details…
Critical development for Bitcoin came to the fore
The acronym BTCO recently appeared for the first time on DTCC’s website, with no record of it existing before October 25, 2023. While this development is encouraging, it is important to note that adding a ticker to the “ETF Products” list on DTCC’s site does not guarantee future approval for the product. A DTCC spokesperson emphasized that it is standard practice for DTCC to add securities to its National Securities Clearing Corporation (NSCC) securities compliance filing in anticipation of a new ETF launch. “Being on the list is not indicative of the outcome of any pending regulatory or other approval processes,” the statement said. It was said.
The joint application for the Invesco Galaxy Bitcoin ETF was reactivated with the Securities and Exchange Commission on June 21, 2023. This move has led to an increase in similar applications for spot Bitcoin ETF products, spurred by the landmark application made by investment giant BlackRock on June 15. One notable aspect of the BTCO listing on DTCC’s website is the “Create/Redeem” column, which currently shows “N.” When Create/Redemption displays “N” it indicates that the ETF does not currently allow “Creation and Redemption” transactions.
Interest in cryptocurrencies continues
This development demonstrates the continued interest and innovation in the cryptocurrency investment space, as major players such as Invesco and Galaxy Digital aim to bring a Bitcoin ETF to the market. While there are no guarantees in the regulatory approval process, BTCO’s listing on DTCC’s website is certainly a positive step towards achieving this goal. Investors and cryptocurrency enthusiasts will be watching closely for further updates on the Invesco Galaxy Bitcoin ETF’s progress in the regulatory environment.
Currently, Bitcoin price started a strong increase above the $32,000 resistance zone. The price remained stable above the $33,500 level and it is trading in a positive zone. Bitcoin price started a strong increase above the $32,000 resistance zone. The price remained stable above the $33,500 level and traded in a positive zone. cryptokoin.com As we reported, the latest listing of BlackRock’s Bitcoin ETF in DTCC caused the BTC Price to rise up to $ 35,000. The latest DTCC listing of the Invesco ETF produced no such price impact. However, it may have a positive impact on the market in the coming period.
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