BlackRock's Bitcoin ETF: Delisted Then Relisted in 24 Hours by the DTCC

On Monday October 23, the Depository Trust and Clearing Corporation (DTCC) had listed BlackRock’s iShares Bitcoin Trust (iBTC), to which it had added the ticker. This symbol, used to identify the asset manager’s ETF, was withdrawn on Tuesday October 24. The latest news confirms the relisting of BlackRock’s Bitcoin ETF.

BlackRock’s Bitcoin ETF: The unexpected ballet in 24 hours

Tuesday October 24 was a particularly tumultuous day for iShares Bitcoin Trust (iBTC), BlackRock’s Bitcoin ETF. After its sudden removal from its list of ETFs, the DTCC introduced iBTC into its database.

It seems that this tumultuous turn of events was associated with technical problems on the DTCC website. The situation has significantly affected the bitcoin (BTC) price, which has collapsed below the $35,000 mark recently reached.

Currently, the asset is valued at around $33,670, having finally gained 2.75% over the past 24 hours. This dynamic leads analysts to believe that the saga surrounding the relisting of iBTC appears to be just another episode in the vast crypto and financial landscape.

With this reappearance, speculation about bitcoin’s potential is back with a vengeance. The question for market watchers now is whether the asset will be able to regain its recently acquired position. Or, possibly, soar beyond it.

🚨BREAKING NEWS🚨

BlackRock's iShares #Bitcoin Trust Relisted on the DTCC. pic.twitter.com/ieJ5kleapd

— Pushpendra Singh Digital (@PushpendraTech) October 25, 2023

Approval of BlackRock’s Bitcoin ETF imminent?

This was the question on the minds of crypto-enthusiasts before the reality of the saga surrounding the iBTC listing caught up with them. Speaking on the subject, Eric Balchunas, a specialist in ETF procedures, had indicated that this was a key step in the process of launching a new ETF.

According to the expert, BlackRock could start buying bitcoins as early as this month. The aim is to provide initial capital for the future Bitcoin ETF. The manager would then be further confirming the prospects for approval of his Bitcoin ETF.

It remains to be seen what the timetable will be for the upcoming launch of the iShares Bitcoin Trust. In this regard, legal expert Joe Carlasare believes that the crypto community will have to be patient.

His argument is that the comment procedure recently initiated by the SEC lasts between 30 and 60 days after the consultation phase. Joe Carlasare doesn’t really agree with Eric Balchunas, who sees the prospect of iBTC approval in the near future. In his view, if a Bitcoin ETF is approved in 2023, it might not be BlackRock’s ETF. The SEC usually exhausts this procedural deadline.