The ticker for Fidelity Investments’ spot Bitcoin exchange-traded fund (ETF) — FBTC — has appeared on the Depository Trust and Clearing Corporation’s (DTCC) website, marking a substantial step forward in the application process for the Wall Street titan.
Is this an indication that the U.S. Securities and Exchange Commission’s (SEC) approval of a highly-anticipated spot Bitcoin ETF is almost here?
Fidelity’s Spot BTC ETF Appears On DTCC’s Website
Fidelity’s proposed spot bitcoin ETF, the Wise Origin Bitcoin FD SHS, has turned up on a list maintained by the Depository Trust and Clearing Corporation with the ticker FBTC.
A ticker added to the list of “ETF Products” on the DTCC’s site does not guarantee future regulatory approval for that offering. However, it shows that Fidelity Investments is prepping everything — getting a ticker symbol and unique ID code known as a CUSIP — to launch just in case they get an SEC greenlight.
Bloomberg’s senior ETF analyst Eric Balchunas noted that nearly all the ETF contenders have revealed their ticker symbols. As per Balchunas, the next big thing to keep a keen eye on is the fees that prospective issuers will set for their spot ETF products. However, this information is unlikely to be known soon as he believes it will be a last-minute decision before launch because applicants will be hesitant to show their hand.
Bitcoin shot above the $35,000 mark in October after crypto investors noticed BlackRock’s spot ETF on the DTCC page. Notably, the Invesco Galaxy Bitcoin ETF also made an appearance on the clearing house’s site in November.
Wen Spot ETF?
BlackRock is the largest and most prestigious Wall Street company that has filed paperwork with the SEC to list its spot Bitcoin ETF. The asset manager turned some heads earlier this week after submitting an updated filing for its spot BTC ETF which included a disclosure that it had amassed $100,000 in seed capital for the fund.
The SEC currently has more than a dozen applications to review.
Some ETF analysts have offered educated guesses about when the SEC might decide on these pending applications. They expect an early January positive SEC decision on some of the filings, BlackRock’s among them.