Invesco and Galaxy spot Bitcoin ETF ticker seen on DTCC list Invesco and Galaxy spot Bitcoin ETF ticker seen on DTCC list
DTCC said an appearance on its website does not guarantee an SEC approval.
1 min read
Updated: Nov. 1, 2023 at 9:36 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Invesco and Galaxy’s spot Bitcoin (BTC) exchange-traded fund (ETF) ticker BTCO has appeared on the website of the U.S. Depository Trust and Clearing Corporation (DTCC).
While it was unclear when the listing occurred, Web archive records suggest it happened after Oct. 25. This means Invesco Galaxy’s BTCO joins BlackRock’s IBTC, which also recently appeared on the site, sparking speculations within the community.
The DTCC is a prominent post-trade settlement house, managing trillions of dollars in daily securities transactions worldwide. In 2022, the company handled an impressive $2.50 quadrillion in securities assets, according to Reuters.
DTCC listing does not equal approval
Amid ongoing anticipation within the crypto community regarding the numerous ETF applications, it’s important to note that a presence on the DTCC website doesn’t signify approval from the U.S. Securities and Exchange Commission (SEC), according to a DTCC spokesperson.
According to the company, the recent ticker listing of the spot BTC ETF applications is “standard practice in preparation for an ETF’s launch.”
Meanwhile, both ETF products are marked with an “N” designation in their “Create/Redeem” status.
James Seyffart, an ETF analyst at Bloomberg, explained that this tag signifies whether the products are currently open for creation and redemptions. Additionally, he noted that it suggests the applicants’ preparedness to launch immediately upon approval.
However, Eric Balchunas, a Senior ETF analyst at Bloomberg, raised concerns regarding this tag. He pointed out that some active ETFs on the list also bear the “N” designation.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
