BlackRock’s proposed iShares Bitcoin ETF, identified by the ticker IBTC, has re-emerged on the Depository Trust and Clearing Corporation (DTCC) website after a sudden disappearance on Tuesday.
This event initially prompted a surge in the value of Bitcoin (BTC) on Monday, with the cryptocurrency briefly surpassing the $35,000 mark before retreating to around $33,000.
Amidst the vanishing act of IBTC from the DTCC website, speculations emerged, including an idea put forth by Bloomberg analyst James Seyffart, who suggested that the United States (US) Securities and Exchange Commission may have contacted BlackRock regarding the situation.
BlackRock, in response, clarified that the ETF remains subject to the regulatory agency’s “filling restriction period.”
Following Tuesday’s unexpected turn of events, Bloomberg analyst Eric Balchunas expressed his lack of astonishment.
He noted that it was not solely the DTCC listing that raised eyebrows but also the presence of a prepared ticker and the preceding October seeding, which conveyed a sense of meticulous preparation.
Scott Johnsson of Van Buren Capital, in an earlier Tuesday statement, pointed out the scrutiny surrounding BlackRock’s every move, stating:
“…not sure [BlackRock] were aware how closely they were going to be followed through this process. I mean, they should have been.”
It is worth noting that BlackRock’s iShares Bitcoin Trust ETF had been included in the DTCC’s eligibility file since August, as confirmed by a spokesperson from the global securities settlement house.
The spokesperson noted:
“It is standard practice for DTCC to add securities to the NSCC security eligibility file in preparation for the launch of a new ETF to the market. Appearing on the list is not indicative of an outcome for any outstanding regulatory or other approval processes.”
Existence within the ETF realm constitutes merely the initial phase of preparations.
The intricate steps encompass securing a distinctive ticker symbol and a unique identification code known as a CUSIP.
These measures are fundamental prerequisites, anticipated by every ETF, pending the seal of approval from the SEC.
In response to the DTCC relisting, BTC experienced a modest uptick, reaching $34,000 and at the time of writing, is sitting at $33,800.