BlackRock Set to Launch a Bitcoin ETF
3 min read · · Korean original
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Bitcoin is rising sharply on expectations that BlackRock, one of the world's largest asset managers, will launch an ETF. According to an article on the BlackRock ETF summarized by Crypto Terminal, 'BlackRock has registered a Bitcoin ETF ticker under the name ISHARES BITCOIN TR SHS' with the Depository Trust & Clearing Corporation (DTCC), the largest financial transaction data repository in the US. It is now waiting for approval from the US Securities and Exchange Commission (SEC), and BlackRock is nearly certain it will be approved.
BlackRock Set to Launch Spot Bitcoin ETF Under the Ticker 'IBTC'
BlackRock is a world-renowned asset manager that runs a wide range of investment products. Among recent news, one of the most closely watched items is that it plans to launch a spot Bitcoin ETF called 'IBTC'. An ETF is generally an investment product that mirrors assets such as stocks or bonds, and the upcoming IBTC will likewise be a product that tracks Bitcoin's price movements.
To register its spot Bitcoin ETF, BlackRock filed with the DTCC (Depository Trust & Clearing Corporation) under the name 'ISHARES BITCOIN TR SHS'. The DTCC is the company that handles securities settlement, and since ETFs are also treated as securities, they must be registered there before they can be traded. The expected ticker for the ETF is 'IBTC', and this name will let investors easily identify BlackRock's Bitcoin ETF.
BlackRock's Efforts to Launch a Bitcoin ETF
Before BlackRock can launch a Bitcoin ETF, it first has to accumulate the Bitcoin the ETF needs. To do this, BlackRock appears likely to work with Coinbase.
The launch of a Bitcoin ETF is expected to draw significant capital into the Bitcoin market, which makes a rise in the Bitcoin price quite likely as well.
The SEC's Role and the Odds of Spot ETF Approval
Even so, the big hurdle that could block BlackRock's plan to launch a Bitcoin ETF is the SEC (Securities and Exchange Commission). The good news, however, is that the SEC has been losing one court case after another, and it has given up on appealing the Grayscale ETF ruling altogether. The SEC may approve spot ETFs on a conditional basis, and after BlackRock, the ETF applications of other asset managers also look likely to be approved one after another. This suggests the Bitcoin ETF market could expand, giving investors a variety of options.
The ETF Launch and the Outlook for the Bitcoin Market
Expectations are rising for the launch of BlackRock's spot Bitcoin ETF. BlackRock is already going through the ETF registration process and is waiting for SEC approval. Once a Bitcoin ETF launches, significant capital is expected to flow into the Bitcoin market, which makes a rise in the Bitcoin price quite likely as well. BlackRock's move looks set to have a positive impact on the crypto market as a whole.
