BlackRock, the world's largest asset manager, has taken significant steps toward launching its spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust. These developments fueled a sharp rally in Bitcoin’s price on Monday, October 23, pushing it above $35,000 for the first time in over a year.
ETF Ticker and Clearing House Listing
The iShares Bitcoin Trust has been assigned the ticker symbol IBTC and a CUSIP number 46438F101. More critically, the trust is now listed on the Depository Trust and Clearing Corporation (DTCC), the entity responsible for clearing Nasdaq trades. This step is part of the standard process for bringing an ETF to market.
Senior Bloomberg ETF analyst Eric Balchunas noted on social media platform X: “These are procedural moves, but they show BlackRock is moving forward. The listing on DTCC is a necessary condition for the ETF to begin trading.” However, he cautioned that it does not guarantee immediate SEC approval.
Amendment Suggests October Bitcoin Purchase
An amended registration statement filed with the U.S. Securities and Exchange Commission (SEC) on October 18 reveals BlackRock’s intention to buy Bitcoin this month to seed the iShares Bitcoin Trust. Seeding typically involves a modest amount of capital—just enough to start the fund—but the disclosure signals that BlackRock is preparing for a potential launch.
Crypto enthusiast Martin Folb explained on X: “Once the registration is approved, the ETF gets initial capital from a licensed bank (like Coinbase). It uses that capital to buy raw Bitcoin (creation units), which are then converted into IBTC shares. Those shares trade on the open market from day one, setting the opening price.”
Timeline for SEC Approval
Litigator Joe Carlasare provided a detailed timeline: The SEC invited public comments on September 28; the comment period ends October 25; rebuttal comments are due by November 8. After that, the SEC typically reserves 30 to 60 days for review. “If a spot ETF gets a green light in 2023, it probably won’t be BlackRock’s,” he opined. But that doesn’t diminish the importance of this filing—it merely pushes the expected approval window to early 2024.
Market Impact
Bitcoin surged approximately 13% in 24 hours, reaching $35,000 before pulling back to $34,423 at the time of writing. The rally was fueled by growing optimism that BlackRock’s entry could accelerate SEC approval for all spot Bitcoin ETF applicants, including Fidelity, WisdomTree, and others.
BlackRock’s iShares brand is already the largest ETF issuer globally, managing over $2 trillion in ETF assets. Approval of its Bitcoin ETF would mark a historic integration of digital assets into mainstream regulated investment products. While the SEC has yet to provide a definitive decision, the market is pricing in a high probability of eventual approval.
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