In a recent development, Invesco and Galaxy Digital, two prominent players in the investment world, have taken significant steps with their joint Bitcoin ETF application. BTCO, their proposed ticker, has been spotted on the Depository Trust and Clearing Corporation’s (DTCC) website. However, this listing does not guarantee any approval.
Although the ticker was absent from the DTCC’s records as of October 25, its sudden appearance suggests it was added in the last six days. It’s essential to note that merely having a ticker on the DTCC site, especially under “ETF Products,” doesn’t necessarily imply that the product is on the verge of obtaining the green light. The DTCC representative emphasized this by stating that their platform’s standard practice is to prepare for a new ETF’s introduction by adding securities to the NSCC security eligibility file. Additionally, this should be interpreted as something other than any indication of approval success or failure.
Invesco, a distinguished global investment firm, and Galaxy Digital, a leading crypto asset fund, initiated their collaborative venture on June 21st. They renewed their application for a spot Bitcoin ETF, aligning with the current trend in the market. This surge in interest significantly came after BlackRock applied for a similar product on June 15.
Moreover, the forthcoming halving in April 2024 is expected to create ripples in the Bitcoin world. Consequently, many market analysts predict that this November will see intensified activity from BTC bulls. Traditionally, pivotal buying and selling opportunities manifest themselves about six months before the halving and continue for another year and a half. Currently, Bitcoin showcases a bullish inclination, trading at a commendable $34,439.
Nevertheless, the key focal point remains the U.S. SEC. Its decision on these applications will undoubtedly mold the future landscape of crypto investments.
The recent developments around Bitcoin ETF applications by notable firms like Invesco and Galaxy Digital highlight the growing traction and interest in the cryptocurrency market. All stakeholders will keenly observe the U.S. SEC’s move in this regard.
