The Invesco Galaxy Bitcoin ETF (BTCO) has recently surfaced on the Depository Trust and Clearing Corporation’s (DTCC) website. While this listing does not guarantee imminent approval, it marks a noteworthy step forward in the application process for the joint spot Bitcoin ETF managed by Invesco and crypto asset fund Galaxy Digital. This move comes amidst a surge in filings for similar spot Bitcoin ETF products, triggered by investment giant BlackRock‘s groundbreaking application on June 15.
Invesco Bitcoin ETF DTCC Listing: Not a Confirmation of Approval
The appearance of BTCO on the DTCC’s site has raised eyebrows within the crypto community. However, it is essential to note that this listing does not confirm an impending approval. According to a DTCC spokesperson, adding securities to the NSCC security eligibility file is a standard practice in anticipation of a new ETF launch. Despite its presence on the list of “ETF Products,” it does not indicate the outcome of ongoing regulatory processes.
Read more: The Resurgence of the Bitcoin ETF: Invesco’s Bold $1.5 Trillion Asset Management Move
Background and Industry Impact
The joint effort by Invesco and Galaxy Digital to reintroduce their spot Bitcoin ETF application on June 21 aligns with a wave of similar filings following BlackRock’s pioneering move. The cryptocurrency market is closely watching these developments, as the approval of spot Bitcoin ETFs could significantly influence market dynamics and investor participation. While the DTCC listing signifies progress, industry experts emphasize the importance of patience, considering the complexities involved in regulatory approvals.
Read more: Bitcoin Spot ETF Approval Predicted by Billionaire Novogratz by Year-End
Conclusion
The listing of Invesco Galaxy Bitcoin ETF (BTCO) on the DTCC’s website is a notable step in the application process, indicating growing momentum in the pursuit of a spot Bitcoin ETF. However, investors and enthusiasts alike are reminded that this listing does not guarantee approval and should exercise caution amid the evolving cryptocurrency landscape. As regulatory processes unfold, the market eagerly awaits further updates, keeping a close eye on how these developments will shape the future of cryptocurrency investments.
