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BlackRock Bitcoin ETF in August Got on DTCC Site That Just Belatedly Moved Markets
The price of bitcoin surged on Monday after BlackRock’s proposed ETF showed up on the DTCC’s website and dropped when it vanished Tuesday.
Impulsive trading in crypto markets is nothing new and the movement in the price of bitcoin (BTC) over the past two days over the addition – and then removal – of BlackRock’s proposed ticker for its spot bitcoin ETF on the Depository Trust & Clearing Corp.’s website is just another example.
As it turns out, the ETF has been on the website since August, a spokesperson for DTCC confirmed in an email to CoinDesk.
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My brothers in bitcoin:
— Phil Bak 🎩 (@philbak1) October 24, 2023
I spent six years managing new ETF launches for NYSE (2010-2016), and about 15 years in ETF product development and management.
The DTCC thing means absolutely nothing. Nothing. Get offline and spend time with your loved ones.
Crypto traders this week interpreted the inclusion on the page as a sign BlackRock’s product might get approved soon. But an ETF appearing there does not indicate anything about its regulatory approval, DTCC said. Being there is just part of the prep work – getting a ticker symbol and unique ID code known as a CUSIP – any ETF would undertake pending U.S. Securities and Exchange Commission approval.
“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,” according to the spokesperson.
Bitcoin on Monday shot above the $35,000 mark after crypto traders noticed BlackRock’s ETF on the page. But bitcoin slumped Tuesday after it disappeared.
By the end of the day, though, it was back.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
