The listing of BlackRock’s Bitcoin ETF on DTCC has raised the hopes of many crypto enthusiasts on the potential approval of spot BTC ETFs. However, a renowned ETF expert has discouraged this optimism, stating that the recent DTCC listing has no significance. 

Chief Executive Officer of Armada ETFs, Phil Bak took to X (formerly Twitter) on Tuesday, October 24 to discuss his skepticism surrounding the significance of BlackRock’s iShares Bitcoin ETF listing on Depository Trust & Clearing Corporation (DTCC).

Bak stated that he had been an expert on ETF launches for years and had been actively involved in the operations of ETF product development and management. He revealed that DTCC’s listing of BlackRock’s Bitcoin ETF held no importance regarding the possible approval of Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). 

“I spent six years managing new ETF launches for NYSE (2010-2016), and about 15 years in ETF product development and management. The DTCC thing means absolutely nothing. Nothing. Get offline and spend time with your loved ones,” Bak stated. 

The unexpected statement has prompted a wave of reactions and discussions in the crypto community, further highlighting the ongoing debate surrounding the possibility of Bitcoin ETFs becoming a reality. 

When asked if he had witnessed situations where the DTCC listed a product and the US SEC denied approval, Bak responded by saying that the DTCC was not an official listing venue and a 19b4 approval by the SEC’s division of trading and markets is required before an ETF is launched. 

“DTCC is not a listing venue. You’ve been misinformed. When you see the words “19b4 approved” then you’ll know an ETF is near,” Bak stated.

He added:

“Tickers are not assigned by DTCC. Cusips are given by them to any issuer who fills out a form. None of this has anything to do with the people or processes involved in rejecting/approving a 19b4.”

Following the recent uptick of Bitcoin price this week due to rumors spreading of spot Bitcoin ETF approval by the US SEC, the positive sentiment surrounding Bitcoin ETF has grown heavily. The price pump was also said to be influenced by DTCC’s listing of BlackRock’s spot Bitcoin ETF. 

Presently, new data has revealed that BlackRock’s Bitcoin ETF ticker has been removed from the DTCC’s site. The reason for the unexpected change has not been fully disclosed; however, the listing is back on the website after a change in the Create/Redeem from “Y” to “N”.

The price of BTC has fallen slightly and is presently trading at $34,551 according to CoinMarketCap, down from its monthly highs on Monday where it crossed the $35,000 threshold at one point. 

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