News - Next Bitcoin Spot ETF appeared at DTCC

By Luc Vesters

Next Bitcoin Spot ETF appeared at DTCC

Bitcoin (BTC)
ETF

Bitcoin Spot ETFs continue to gain steam in the United States. For example, a trading code has now surfaced for the financial product from asset managers Invesco and Galaxy. This is according to a registration of the "Depository Trust & Clearing Cooperation" (DTCC). The company handles trading for Nasdaq, among other things.

Under the trading code "BTCO," the ETF appears along with the description: "INVESCO GALAXY BITCOIN ETF." Last week, a listing of BlackRock's Bitcoin Spot ETF was already in the news when the financial product from the world's largest asset manager also appeared on DTCC. Market watchers and industry experts saw this as a strong indication that approval was imminent.

The news led to a Bitcoin rally. In the meantime, the price of the cryptocurrency rose abruptly by 12 percent to more than US$35,000. A short time later, it became clear that BlackRock's trading abbreviation had been there for months, but no one had noticed. The trading code for the BlackRock Bitcoin ETF meant nothing.

Instead, a DTCC spokesman told crypto medium Cointelegraph: It was indeed a standard procedure "in preparation for a launch of a new ETF." But, "Inclusion on the list is not an indication of the outcome of pending regulatory or other approval processes."

The bitcoin price reacted accordingly soberly. The cryptocurrencies posted a one percent gain over the past 24 hours. BTC currently stands at US$34,471.

When it comes to the Bitcoin Spot ETF, the final word remains with the Securities and Exchange Commission (SEC). Applications are now piling up at the U.S. Securities and Exchange Commission. This also increases the pressure on the authority. Industry experts believe approval is only a matter of time.

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