BlackRock, the world's largest asset manager, is pushing forward with the launch of its spot bitcoin exchange-traded fund (ETF). The iShares Bitcoin Trust has obtained the ticker symbol IBTC and CUSIP number 46438F101, and is now listed on the Depository Trust and Clearing Corporation (DTCC), the entity responsible for clearing Nasdaq trades. These developments have ignited optimism among crypto investors, propelling bitcoin's price above $35,000 on Monday before settling around $34,423, a 13% gain in 24 hours.
DTCC Listing and Ticker Symbol
Eric Balchunas, senior ETF analyst at Bloomberg, noted on social media platform X that securing a ticker, CUSIP, and DTCC listing are standard procedural steps in bringing an ETF to market. "These are part of the process, but not a guarantee of SEC approval," he explained. The DTCC handles clearance and settlement for Nasdaq and other major exchanges, meaning BlackRock has now completed the trading infrastructure requirements.
The iShares Bitcoin Trust's registration statement amendment, filed with the U.S. Securities and Exchange Commission (SEC) on Oct. 18, includes a notable detail: the fund intends to seed the ETF with bitcoin purchases in October. Balchunas commented: "BlackRock stating in their recent spot bitcoin ETF amendment that they are seeding the ETF in October is new info not in the original filing, so noteworthy. However, seeding is typically not a large amount—just enough to get the ETF going."
According to the filing, the sponsor is iShares Delaware Trust Sponsor LLC, an indirect subsidiary of BlackRock, and "iShares" is a registered trademark of BlackRock Inc. Crypto enthusiast Martin Folb elaborated on the process: once the ETF registration is approved, it obtains initial capital from a broker/dealer-licensed bank (in this case Coinbase), uses that capital to purchase raw bitcoin, and exchanges it for IBTC creation units. These shares then become available for open-market trading on the first day, establishing the opening price.
SEC Review Timeline Remains Uncertain
Despite the progress, when the SEC might approve BlackRock's spot bitcoin ETF is still unclear. Litigator Joe Carlasare shared key dates: the SEC invited public comments on Sept. 28, with a submission deadline of Oct. 25. Rebuttal comments are due by Nov. 8. "The SEC does not typically approve rule changes until the comment period is complete. After it ends, there is usually an additional 30–60 days for review. So if a spot ETF gets the green light in 2023, it probably won't be from BlackRock," he opined.
Market participants remain divided on whether the SEC will approve any spot bitcoin ETF this year. Chair Gary Gensler has consistently expressed caution toward crypto assets, and the recent government shutdown risk has further delayed regulatory processes. However, BlackRock's strong compliance track record and partnership with Coinbase as custodian have boosted expectations. Bitcoin's price surge reflects growing confidence that a spot ETF is inevitable, even if the exact timing remains uncertain.
The launch of the iShares Bitcoin Trust would provide traditional investors with a regulated, convenient way to gain exposure to bitcoin through a familiar ETF structure, potentially unlocking billions in institutional capital. All eyes are now on the SEC's next move.