The Bitcoin trust product of BlackRock, a global asset management company that applied for approval as a Bitcoin spot exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC), was officially listed on the U.S. Securities and Exc..
The Bitcoin trust product of BlackRock, a global asset management company that applied for approval as a Bitcoin spot exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC), was officially listed on the U.S. Securities and Exchange Commission (DTCC).
The market sees this as the stage right before the full-scale approval of the Bitcoin spot ETF, and in fact believes that the countdown to the approval of the Bitcoin spot ETF has begun. Additionally, due to this effect, the price of Bitcoin is skyrocketing. According to multiple foreign media outlets on the 24th, Blackrock's Bitcoin trust product 'iShares Bitcoin Trust' was officially listed on DTCC. The abbreviated name registered on the ticker was named 'IBTC'. Bitcoin Trust is evaluated as a financial product immediately preceding ETFs, and the listing of Bitcoin Trust products is interpreted as a kind of procedure for the related ETFs to be officially launched in the market. BlackRock is the first in the United States to have a financial product related to the launch of a Bitcoin spot ETF listed by an institution. Eric Balchunas, a senior analyst at Bloomberg who has specialized in ETF analysis, said, "IBTC's listing is one of the steps toward approval of the Bitcoin spot ETF." “It will be approved,” he said. In the current market, the Bitcoin spot ETF is expected to be officially launched with SEC approval as early as the end of this year or early January next year, or at the latest in March next year, and there are many predictions that once this product is launched, a huge amount of money will flow into the Bitcoin market. It's coming out. In fact, the SEC's approval of the Bitcoin spot ETF is a fait accompli, and the SEC is reviewing in detail at what point it will approve the product. However, the SEC continues its stance that it cannot disclose any details about the approval of the Bitcoin spot ETF. Meanwhile, as this news spreads to the market, the Bitcoin price is showing a steep rise. As of 8:50 am on the 24th, the Bitcoin price on Upbit is recording 44 million won, up 9.04% from 24 hours ago.
It's significant that BlackRock, one of the world's largest asset managers, has taken this step toward launching a Bitcoin spot exchange-traded fund (ETF). This shows a growing acceptance and interest in cryptocurrencies from major traditional financial institutions.
The listing of BlackRock's Bitcoin trust product on the DTCC is indeed seen as a precursor to the eventual approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC). The SEC has historically been cautious about approving Bitcoin ETFs due to concerns over market manipulation and volatility. However, the market seems optimistic that the SEC will eventually approve a Bitcoin spot ETF, with some analysts predicting approval as early as the end of this year or early next year.
The impact of this news on the price of Bitcoin is also notable. A 9.04% increase in 24 hours is a significant jump, and it highlights the potential for positive news about mainstream acceptance and adoption of cryptocurrencies to drive prices higher.
It will be interesting to see how the situation develops and whether the SEC does indeed approve BlackRock's Bitcoin spot ETF in the coming months. If approved, this could be a significant step toward bringing cryptocurrencies into the mainstream and could potentially attract a new wave of institutional and retail investors into the Bitcoin market.