In an Oct. 23 X (formerly Twitter) thread, Bloomberg ETF analyst Eric Balchunas said the DTCC listing was “all part of the process” of bringing a crypto ETF to market. The iShares spot Bitcoin (BTC) ETF has a ticker symbol of IBTC for a possible listing on the Nasdaq stock exchange, which applied to list and trade shares of the investment vehicle in June.

“This is [the] first spot ETF listed on DTCC, none of the others on there (yet),” said Balchunas. “Def notable BlackRock is leading charge on these logistics (seeding, ticker, dtcc) that tend to happen just prior to launch. Hard not to view this as them getting signal that approval is certain/imminent.”

The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0

— Eric Balchunas (@EricBalchunas) October 23, 2023

Balchunas speculated that BlackRock may have already received the green light for listing the ETF from the SEC or was “prepping everything assuming so.” Based on the date of BlackRock’s application, the SEC has until Jan. 10, 2024, to reach a final decision on approval or denial of the ETF.

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Should BlackRock’s application be approved, it could lead to the floodgates opening for a number of spot crypto ETF filings currently being reviewed by the SEC, including ones from ARK Investment, Fidelity and Valkyrie. To date, the SEC has not approved a spot Bitcoin or Ether (ETH) application for listing on a U.S. exchange but started allowing investment vehicles tied to Bitcoin futures in October 2021.

The BTCC listing followed a U.S. appellate court issuing a mandate enforcing an Aug. 29 decision that would require the SEC to review a spot BTC ETF application from Grayscale Investments. Grayscale submitted a registration statement to the SEC to list shares of its Bitcoin trust on the New York Stock Exchange Arca under the ticker symbol GBTC on Oct. 19.

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Update (Oct. 24 at 3:25 PM UTC): BlackRock’s iShares spot Bitcoin exchange-traded fund has reportedly since been removed from the Depository Trust & Clearing Corporation’s list.