DTCC Website Now Shows Invesco Galaxy Spot BTC ETF

The ticker for the Invesco Galaxy Spot Bitcoin Exchange-Traded Fund, BTCO, has been included on the Depository Trust and Clearing Corporation (DTCC) website, signifying progress in the application process by both asset management firms. While BTCO is indeed currently visible on the DTCC site, it does not suggest imminent approval.

A big step forward

The addition occurred within the last week, as there was no BTCO listing on October 25th, according to the WayBack Machine web archive. As previously mentioned, adding a ticker to the ETF Products list on the DTCC website does not in any way guarantee future approval of the product. Nevertheless, the buzz generated by the development had briefly caused the DTCC site to crash due to an excessively high amount of traffic.

It is also standard procedure to include securities in the NSCC security eligibility file in preparation for the potential launch of a new ETF in the market. In any case, the crypto community has reacted positively, especially following the recent success regarding the Grayscale ETF application.

A catalyst for a bull run

The joint spot Bitcoin ETF application managed by global investment firm Invesco and crypto asset fund Galaxy Digital was reactivated on June 21st. This decision to resubmit the application to the United States Securities and Exchange Commission (SEC) followed a surge of similar filings for spot Bitcoin ETF products, sparked by investment giant BlackRock and their submission for a spot Bitcoin ETF on June 15th.

The Bitcoin community is keeping a close eye on the Securities and Exchange Commission and what the regulatory agency does next, particularly during the upcoming closed-door meeting on November 2nd, as it may hint at possible approval of a spot BTC ETF.

A potential approval of such an ETF promises to bring significant new sources of demand for Bitcoin, and many investment firms and market analysts are actively speculating about the price impact it will have on the flagship crypto, claiming that approval could truly kickstart the next bull run.