BlackRock’s Bitcoin exchange-traded fund (ETF) might be close to launching. A ticker for the iShares Bitcoin Trust, IBTC, has been listed by the Depository Trust & Clearing Corporation (DTCC). The DTCC is a massive piece of behind-the-scenes infrastructure in U.S. financial markets. It handles an astounding $2.3 quadrillion—that’s $1 billion times $2.3 million—worth of stock sales annually, making it the largest financial clearinghouse in the world. A seed capital investor initially funds an ETF to get it off the ground and trading on a stock exchange. Last week, the world’s biggest fund manager filed an amendment to the U.S. Securities and Exchange Commission, showing that a seed investor could be funding the product this month. Experts now think that a Bitcoin ETF could get approved very soon; with some analysts at Bloomberg Intelligence saying that there is a 90% chance one will get approved in January. Wall Street players like VanEck, WisdomTree, and Valkyrie have also applied to the top regulator for such an investment vehicle. The approval of such a product could lead to a huge influx of money into the crypto market. Bitcoin is currently trading for over $31,000 per coin. #Bitcoin #BlackRock #ETF #Cryptocurrency
You can read more about this topic here: Decrypt: BlackRock Preps for Bitcoin ETF Launch, Lines Up Seed Investor and Reveals Ticker
