Phil Bak, a prominent expert in exchange-traded funds (ETFs), has recently negated the optimistic sentiment that followed the listing of BlackRock’s iShares Bitcoin Trust on Depository Trust & Clearing Corporation (DTCC).
The anticipation surrounding BlackRock’s spot Bitcoin ETF approval has continued to intensify. The optimism reached new heights as the U.S.-based clearing house DTCC reportedly listed BlackRock’s Bitcoin ETF ahead of the SEC’s regulatory nod.
Watcher Guru (WG), a notable account on the X platform, disclosed that DTCC listed IBTC, which represented BlackRock’s iShares Bitcoin Trust. However, WG later proclaimed that DTCC delisted IBTC only to relist it after a few hours.
The development sparked significant attention from the crypto community as the tweets got over 3.7 million engagements in under 48 hours. Many crypto enthusiasts who reacted to the development expressed a bullish sentiment about the eventual approval of BlackRock’s ETF application.
ETF Expert Disagrees
Meanwhile, ETF expert Phil Bak contested the idea that the DTCC listing has any positive implications. Bak first underscored that he has spent at least six years handling new ETF launches for the New York Stock Exchange (NYSE). Moreover, he claimed to have spent 15 years in “ETF product development and management.”
Therefore, Bak submitted saying, “My brothers in Bitcoin: The DTCC thing means absolutely nothing. Nothing.”
My brothers in bitcoin:
I spent six years managing new ETF launches for NYSE (2010-2016), and about 15 years in ETF product development and management.
The DTCC thing means absolutely nothing. Nothing. Get offline and spend time with your loved ones.
— Phil Bak ? (@philbak1) October 24, 2023
Notably, Phil Bak’s comment seeks to disprove the growing anticipation about the launch timeline of the much-awaited BlackRock ETF approval. Some crypto market participants believe the DTCC listing is a sign that BlackRock’s Bitcoin ETF application is about to be approved.
Despite Bak being an authority in ETF matters, some X users opposed his sentiment. For example, X user Eric Killgo sought clarification about the percentage of ETFs listed by DTCC that later got rejected by the U.S. regulator.
Bak clarified that “the number of listings on DTCC is zero,” adding that the financial service firm is not a listing venue. When he replied to another person with a similar inquiry, Bak offered a hint for what suggests approval is in the offing.
“When you see the words “19b4 approved” then you’ll know an ETF is near,” the ETF expert remarked.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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