In a surprising turn of events, BlackRock Inc. BLK’s proposed iShares Bitcoin BTC/USD ETF, known as IBTC, reappeared on the Depository Trust and Clearing Corporation (DTCC) website after a brief vanishing act, according to Blockworks.
What Happened: The IBTC ETF initially emerged on the DTCC site on Monday, triggering a Bitcoin surge. Bitcoin’s value momentarily exceeded $35,000 before stabilizing around $33,000. Crypto enthusiasts, always on the lookout for news related to spot bitcoin ETFs, were the first to notice the listing, reported Blockworks.
Bloomberg analyst Eric Balchunas observed that BlackRock’s listing was noteworthy as it was the first to be listed on the DTCC, leading “the charge on these logistics (seeder, ticker, dtcc).”
Post-deletion, Bloomberg analyst James Seyffart hypothesized that the U.S. Securities and Exchange Commission may have reached out to BlackRock. However, neither the SEC nor BlackRock gave any comments about the IBTC status on the DTCC website.
After its short disappearance from the DTCC website, Balchunas commented that he was “not totally shocked.” Besides the DTCC listing, he also pointed out the surprising readiness of a ticker and the October seeding that “gave off a pre-launch crossing t's and dotting i's vibe.”
Following the relisting on the DTCC website, Bitcoin experienced a slight rise, approaching $34,000 at the time of reporting.
Why It Matters: The sudden withdrawal and subsequent reappearance of BlackRock’s ETF from the DTCC website has stirred the market. Its initial presence was linked to Bitcoin’s brief surge past the $35,000 mark. However, its subsequent disappearance led to a 3% drop in Bitcoin’s value.
The ETF, with its ticker IBTC, was expected to be a significant player in the market. The unexpected removal of BlackRock’s ETF comes just ahead of Benzinga’s Future of Digital Assets conference on Nov. 14. This event is expected to further discuss the implications of such developments on the future of digital currencies.
Illustration by CryptoFX on Shutterstock
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