BlackRock, the world’s largest asset manager with $10 trillion in assets under management, is the first spot market in the US market. Bitcoin is preparing to launch its exchange-traded fund (ETF).
The company has listed iShares Bitcoin Trust on DTCC (Depository Trust & Clearing Corporation), which regulates transactions on the NASDAQ exchange. The fund will trade under the ticker symbol IBTC.
Bloomberg ETF Analyst Eric Balchunas noted that while the IBTC name may not be the most exciting ticker choice, it is in line with BlackRock’s brand and could potentially appeal to wealthy clients who use asset managers.
According to Balchunas, this marks the first time a spot ETF has been listed on the DTCC, and none of the other potential ETFs have yet achieved this. Balchunas underlined that BlackRock’s proactive approach to logistics such as seeding, ticker selection and listing to DTCC often occurs just before launch. This led to speculation that approval for the ETF was imminent.
Despite questions about why BlackRock was able to make these preparations in advance, Balchunas suggested that they either received a signal that approval was likely or were simply making preparations in anticipation of approval. However, the analyst believes that rather than BlackRock launching before the others, multiple ETFs will likely launch at the same time.
*This is not investment advice.
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