BlackRock Selects JPMorgan and Jane Street as Authorized Participants for Bitcoin ETF
BlackRock, the largest asset management firm in the world, has chosen JPMorgan and Jane Street as authorized participants (APs) for its spot market Bitcoin exchange-traded fund (ETF) application. This information was revealed in an update to BlackRock’s filing with the US Securities and Exchange Commission (SEC). APs are organizations that have the ability to create and redeem shares of an ETF.
Although the inclusion of APs is not mandatory in S-1 filings, BlackRock’s decision to name them could be seen as a strategic move. According to Bloomberg analyst Eric Balchunas, this move makes BlackRock the first contender to officially announce its readiness for a BTC ETF.
Other BTC ETF Applicants Also Name Their Authorized Participants
Valkyrie, Fidelity, WisdomTree, and Invesco have also named their APs. Valkyrie selected Jane Street and Cantor Fitzgerald, Fidelity chose Jane Street, WisdomTree designated Jane Street, and Invesco cited JPMorgan and Virtu as their APs.
Approval or Denial of Spot Market BTC ETFs Expected in January 2024
The US SEC is set to approve or deny spot market Bitcoin ETFs in January 2024.
Hot Take: BlackRock Takes the Lead with Named Authorized Participants
BlackRock’s decision to name JPMorgan and Jane Street as authorized participants for its Bitcoin ETF bid puts the firm ahead of other contenders in terms of readiness. By including this information in its filing with the SEC, BlackRock is making a strong statement about its commitment to launching a BTC ETF. This move could potentially influence other applicants to follow suit and name their authorized participants as well. As the ETF race heats up, all eyes will be on the SEC’s decision in January 2024.
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