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BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF
BlackRock will use J.P. Morgan and Jane Street as their authorized participants. Valkyrie has also named Jane Street in addition to Cantor Fitzgerald.
Updated Mar 8, 2024, 7:15 p.m. Published Dec 29, 2023, 9:11 p.m.
Two spot bitcoin exchange-traded fund (ETF) applicants, BlackRock and Valkyrie, have named two authorized participants (AP) for their yet-to-be-approved ETF, filings show.
BlackRock was the first applicant to announce who will acquire the bitcoin on behalf of BlackRock, which is not legally allowed to purchase the cryptocurrency itself. The asset manager has teamed up with J.P. Morgan and quantitative trading firm Jane Street, a filing shows. Valkyrie has also named Jane Street in addition to Cantor Fitzgerald as AP, another filing shows. Many ETF issuers will likely have multiple authorized participants.
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Read more: Amid Bitcoin ETF Race, Wall Street Giants Dot Their Bureaucratic I's as Likely SEC Action Looms
Both applicants filed an updated S-1 form with the Securities and Exchange Commission (SEC) on Friday – the last day that applicants can do so – being the only ones so far to do so. However, applicants aren’t required to name their authorized participants in their S-1 filing.
Some industry experts were surprised to see J.P. Morgan was named in BlackRock’s filing, given CEO Jamie Dimon’s strong negative stance on bitcoin and the crypto sector in general. Just earlier this month, Dimon said he would ban crypto if he were the government and is “deeply opposed” to the asset class.
The SEC is expected to make a decision on whether or not it will approve a spot bitcoin ETF between January 5 and 10.
Read more: JPMorgan CEO's Bitcoin Bashing Is a 'Do as I Say, Not as I Do' Situation
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