
May 2nd, 2025
Hashdex’s proposed ETF stands out from existing cryptocurrency-related ETFs due to its unique approach, which is the purchase of physical Bitcoin.
It is worth noting that the SEC’s action come only days after BlackRock unveiled its ticker symbol (IBTC) in anticipation of the approval of its spot Bitcoin Exchange Traded Fund (ETF).
A DTCC spokesperson confirmed that the IBTC ticker for the BlackRock iShares Bitcoin ETF has appeared since August through a unique ID code called CUSIP.
The Crypto Sector Index Series will include several indices tracking the prices of a bucket of different digital assets based on their use cases.
BlackRock has taken an important step forward by obtaining a CUSIP number for its iShares Bitcoin spot ETF.
Matrixport says BTC price may even hit the $56,000 mark by the end of the year.
BlackRock’s iShares Bitcoin Trust gets listed on the Depository Trust & Clearing Corporation (DTCC), however, analyst predict all approvals to happen at once.
Initially submitted on October 2, 2023, the proposal aims to convert the Grayscale Ethereum Trust, the largest Ethereum investment vehicle globally, into an ETF.
The US SEC is therefore expected to review Grayscale’s application to convert its GBTC to a spot Bitcoin ETF without prejudice.
If approved, the Bitcoin ETF is poised to revolutionize the accessibility of the crypto market for investors, offering a simplified avenue to invest in BTC without grappling with the intricacies of managing digital assets on crypto exchanges.
Bitcoin (BTC) price rallied to this year’s high of about $35k during the early Asian market amid speculation of spot ETF approval in the United States leading to high short positions being liquidated.
Many people across the globe are surfing the internet to understand the implications of the Bitcoin spot ETF approval and how they can maximize the benefits.
To underscore the bullish sentiments, the performance of Bitcoin forks reflects the same optimism among investors.
A federal court may formalize the ruling on Grayscale’s ETF today, officially vacating the SEC’s refusal to convert the GBTC.
Matrixport’s analysis suggests that if Tether’s (USDT) market cap increases by $24 billion, acting as a proxy for potential ETF inflows, Bitcoin’s price could rise to $42,000, representing a conservative estimate.