- The ETF has been added to the list sometime in the last six days.
- A ticker added on the DTCC’s site is not a guarantee of future approval for that product.
BTCO, the ticker for Invesco and Galaxy’s spot Bitcoin exchange-traded fund (ETF), has been listed on the website of the Depository Trust and Clearing Corporation (DTCC), indicating progress in the application procedure.
Since the ETF was not featured on the list on October 25 according to the WayBack Machine’s site record, it must have been added within the previous six days. Moreover, the inclusion of a ticker on the DTCC site under “ETF Products” does not guarantee that the product will be approved in the near future.
All Eyes on SEC
A DTCC representative said it is usual practice for the DTCC to add securities to the NSCC security eligibility file to prepare for the debut of a new ETF to the market.
Moreover, the spokesperson stressed that being on the list did not indicate success or failure in pending regulatory or other approval procedures. On June 21st, Invesco, a global investment business, and Galaxy Digital, a crypto asset fund, relaunched their application for a joint spot Bitcoin ETF.
Also, the decision to re-file with the SEC followed a flurry of similar submissions for spot Bitcoin ETF products, sparked by the June 15 filing of a groundbreaking application for a spot Bitcoin ETF by investing behemoth BlackRock. All eyes are now on the U.S SEC.
Before the halving in April 2024, many predict that November will be a significant accumulation phase for BTC bulls. Important buying and selling opportunities exist in the six months previous to the halving and the subsequent year and a half. The price of Bitcoin has been witnessing bullish momentum in recent weeks and is currently trading at $34,439.
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