Blackrock Chooses JPMorgan as Authorized Participant for Spot Bitcoin ETF
Blackrock, the largest asset manager in the world, has selected JPMorgan and Jane Street as the authorized participants for its spot bitcoin exchange-traded fund (ETF). The updated filing was submitted before the U.S. Securities and Exchange Commission’s (SEC) deadline. The SEC required applicants to name authorized participants (APs) in their amended filings. This move is part of the process for getting included in the first round of decisions in January. Interestingly, JPMorgan’s CEO, Jamie Dimon, recently expressed negative sentiments about cryptocurrency in a congressional hearing. Despite this, Blackrock’s decision to work with JPMorgan has raised questions and sparked discussions on social media.
Interesting Reactions on Social Media
After the news broke about JPMorgan becoming an authorized participant for Blackrock’s bitcoin ETF, social media was flooded with reactions. Vaneck’s director of digital assets strategy, Gabor Gurbacs, raised the point that JPMorgan’s CEO had previously criticized bitcoin, suggesting that this new development contradicted his previous statements. Many users on social media echoed this sentiment, stating that it was ironic for Dimon, who had expressed his disdain for bitcoin, to be involved with the world’s largest asset manager’s bitcoin ETF.
Another notable development is that Invesco/Galaxy also named JPMorgan as an authorized participant for their proposed spot bitcoin ETF.
Other Spot Bitcoin ETF Filings
In addition to Blackrock, numerous other companies, including Vaneck, Valkyrie, Bitwise, Invesco/Galaxy, Fidelity, Wisdomtree, and the Ark Investments and 21shares joint venture, submitted their amended filings for spot bitcoin ETFs to the SEC. All of these companies hope to be considered in the first wave of spot bitcoin ETF decisions. Approval for spot bitcoin ETFs is expected to have a positive impact on the price of BTC, although JPMorgan analysts are skeptical, believing it could lead to a decline in price.
Hot Take: Mixed Messages Within the Industry
The decision by Blackrock to name JPMorgan as an authorized participant for its spot bitcoin ETF raises questions about the mixed messages being sent within the industry. While JPMorgan’s CEO, Jamie Dimon, has expressed a negative view of bitcoin and the cryptocurrency industry as a whole, the partnership with Blackrock shows that there is still interest and potential for growth in the space. It remains to be seen how JPMorgan’s involvement will impact the success of the spot bitcoin ETF and whether Dimon’s stance on cryptocurrency will evolve in the future.
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