Both Grayscale and BlackRock have made notable strides in their Bitcoin exchange-traded fund (ETF) offerings, with today’s announcements.
BlackRock received a Nasdaq listing development, while the US Court of Appeals issued a mandate for Grayscale’s Bitcoin ETF proposal to be reviewed.
Positive Bitcoin ETF News for BlackRock and Grayscale
In two separate announcements, the two investment firms saw positive developments for their Bitcoin ETF proposals.
According to Bloomberg analyst Erin Balchusas, BlackRock’s iShares Bitcoin Trust is making progress towards launching a Bitcoin ETF with an important listing:
“The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.”
Balchusas explained that the choice of name for the ticker is a fairly bland choice, describing it as “zzzzz,” but is important to do so to attract more traditional investors to the asset class.
“$IBTC is def a zzzzz ticker considering the options, but it fits BLK brand (they more straight up the middle) and arguably better than something like $HODL if goal is to make it into client accounts of rich boomers who use wealth managers.”
At the time of publication, Bitcoin’s price is $33,333.
Meanwhile, the US Court of Appeals mandated that the US Securities and Exchange Commission (SEC) must re-examine Grayscale’s application for a spot Bitcoin ETF.
On October 14, BeInCrypto reported that the SEC chose not to challenge the initial court’s order to re-evaluate Grayscale’s proposal for converting its Bitcoin trust into an ETF.
This follows the court’s decision in favor of Grayscale, supporting its claim that the SEC’s initial rejection of its spot Bitcoin ETF application constituted “unjust bias.”
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