According to the latest development, after BlackRock’s spot Bitcoin ETF application, another spot Bitcoin ETF application, INVESCO & Galaxy Spot BITCOIN ETF (BTCO), was also added to the DTCC list.
The addition of BlackRock’s application to the list in question recently brought about a rally in the BTC price. However, the application was later removed from the list and did not appear temporarily. Currently, both applications are on the DTCC list.
It was claimed that the reason why BlackRock was removed from the list was that it wanted to be investigated because it attracted too much attention.
Depository Trust & Clearing Corporation (DTCC) plays a very important role in the American ETF market. When an ETF is added to the DTCC list, this means that an intermediary bank has requested a DTCC designation for that ETF fund and may execute this transaction at an unspecified date in the future following SEC approval of the DTCC.
This is a standard process for launching an ETF. However, being on the list is not an indication of success in any pending regulatory or other approval processes.
*This is not investment advice.