Galaxy Digital and Invesco Bitcoin Spot ETF Join BlackRock On The DTCC
November 01 2023 - 6:00AM
NEWSBTC
In a recent development, another proposed Spot Bitcoin ETF has been
listed on the Depository Trust and Clearing Corporation’s (DTCC)
website, becoming the second proposed Spot Bitcoin ETF to appear on
the corporation’s website. BTCO Joins IBTC On DTCC Website
The Invesco Galaxy Bitcoin ETF under the ticker ‘BTCO’ recently
appeared on the DTCC website, joining BlackRock’s spot Bitcoin ETF,
which goes under the ticker ‘IBTC’ as uncertainty around a possible
approval of these funds continues to heighten. Related
Reading: Top 5 Bitcoin-Like Altcoins That Could Make You A
Millionaire In The Crypto Bull Run Source: DTCC website Many had
speculated an approval was imminent when BlackRock’s IBTC was
earlier listed. However, the optimism has sort of cooled off
following a recent revelation by a spokesperson for the financial
services company. The representative clarified that the listing of
these ETFs was simply “Standard Practice” and that it doesn’t
indicate any potential approval by the SEC. An ETF expert had
also weighed in and stated that DTCC’s listing didn’t mean anything
in the grand scheme of things regarding a possible approval of
Bitcoin ETFs by the United States Securities and Exchange
Commission (SEC). Going by this, the DTCC listing only suggests
that these asset managers are preparing just in case they get
approved by the SEC. Such preparations also include asset
managers BlackRock and VanEck recently revealing their plans to
begin seeding for their respective funds. While such a move doesn’t
guarantee that the SEC is likely to approve these funds anytime
soon, it, however, shows the optimism of these firms that their
Spot Bitcoin ETF will launch sooner or later. Valkyrie Joins
The Spot Bitcoin ETF Amendment Train In a post shared on his X
(formerly Twitter) platform, Bloomberg analyst James Seyffart noted
that the asset management firm Valkyrie had joined the “prospectus
amendment train” with the latest filing of their revised Spot
Bitcoin ETF prospectus. Valkyrie joins the likes of ARK Invest,
BlackRock, Fidelity, and Bitwise, who have also filed amendments to
their prospectus. Related Reading: Ripple Partner’s
Staggering XRP Holdings Revealed, Do They Know Something You Don’t?
Seyffart happens to be one of those who believe that these
amendments could mean something. ARK Invest was the first asset
manager to amend its prospectus, which led Seyffart and fellow
Bloomberg analyst Eric Balchunas to predict that the US Securities
and Exchange Commission (SEC) could approve a fund as early as next
year. Meanwhile, it is worth mentioning that the SEC has so far not
said anything regarding Grayscale’s application despite the
Commission opting not to file an appeal. But that could change soon
as ETF enthusiast and prominent financial lawyer Scott Johnsson
said that the Commission is set to have a closed meeting on
November 2; its first since the Grayscale deadline expired, and one
of the agenda for the meeting includes resolving litigation
claims. BTC price hovering above $34,400 | Source: BTCUSD on
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