Invesco Galaxy's spot Bitcoin Exchange-Traded Fund (ETF), listed under the ticker BTCO on the Depository Trust & Clearing Corporation (DTCC) website, signals a potential product launch, despite the Securities and Exchange Commission (SEC) approval still being uncertain. The global firm Invesco Ltd manages the ETF and its listing on DTCC, which handles trillions in daily securities transactions, typically precedes new ETF launches.
The DTCC added BTCO to its list after October 25, according to Wayback Machine records. However, this does not guarantee SEC approval due to concerns over market manipulation and investor protection. These concerns have previously led to rejections of similar applications from firms such as BlackRock (NYSE:BLK), Grayscale, Bitwise, and Valkyrie.
Despite these hurdles, Invesco Galaxy's Bitcoin ETF meets DTCC's technical and operational standards. This indicates readiness for potential increased institutional investment in Bitcoin if it gains SEC approval. The yMedia founder and Ethereum maximalist, Shashank, is closely observing these developments.
Institutions like BlackRock, Fidelity Investments, and ARK Invest are also considering similar ventures. This interest has contributed to a surge in filings for Bitcoin ETFs. Notably, during "Uptober", Bitcoin's value hit $34,656 after DTCC listed BlackRock's ETF. This mirrors its earlier rise past $30,000 following the news of BlackRock’s filing.
A report from JPMorgan anticipates possible SEC approval of a spot Bitcoin ETF before Ark 21Shares applications' January 10, 2024 deadline. This speculation comes even though the SEC had earlier rejected Invesco's application citing market manipulation and investor protection concerns. Interestingly, these developments have not influenced Bitcoin's value significantly.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.