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The Invesco Galaxy Bitcoin ETF (exchange-traded fund) has been listed on the Depository Trust and Clearing Corporation (DTCC) website, adding to market optimism that regulatory approval for such spot Bitcoin products is on the way.
The so-called BTCO ETF was added to the DTCC website within the past week, according to data from web archiver Wayback Machine.
NEW: Spot #Bitcoin ETF for Invesco and Galaxy gets the ticker $BTCO listed on the DTCC. pic.twitter.com/XvVGIvXJ6h
— Bitcoin Archive (@BTC_Archive) November 1, 2023
Global asset manager Invesco reactivated its September 2021 application for spot Bitcoin ETF filing in June, shortly after BlackRock submitted its ETF filing.
While the DTCC listing is a significant step forward for the application, it does not guarantee approval.
“Appearing on the list is not indicative of an outcome for any outstanding regulatory or other approval processes,” a DTCC spokesperson told Reuters.
Bitcoin pumped to yearly highs on October 23 after BlackRock’s IBTC ETF appeared on the DTTC website. Bitcoin has held steady past the $34K levels since the IBTC appearance.
Spot Bitcoin ETF Approvals Could Bring $650 Billion In Assets
Research firm Bernstein says approval of spot crypto ETFS will help crypto assets under management surge as much as 13-fold in the next five years to $650 billion.
The crypto fund management industry is on the cusp of a transformation from a “cottage industry’’ into a sector with $50 billion in revenues over the period, it said.
Crypto investment firm Galaxy Digital also predicted that Bitcoin’s price might surge by 74.1% to over $59K within the first year after an ETF approval in the US.
The numbers explain the high market anticipation for this product. Last month, BlackRock’s CEO Larry Fink said Bitcoin’s rally after false rumours of ETF approval showed “pent up interest in crypto.”
🚨NEW: BlackRock CEO Larry Fink on the @Cointelegraph report and #crypto:
“I was busy all day, I only heard it an hour ago.”
“It’s an example of the pent up interest in crypto.”
“We’re hearing from clients around the world about the need for crypto.”
“Crypto will play the…
— Eleanor Terrett (@EleanorTerrett) October 16, 2023
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