BlackRock and Valkyrie Update S-1 Filings for Bitcoin ETF
BlackRock and Valkyrie have both updated their S-1 filings for a Bitcoin Exchange-Traded Fund (ETF) before the SEC deadline. This marks the fifth amendments for both companies. BlackRock disclosed the names of its Authorized Participants (APs) in the filing, making it the first Bitcoin ETF applicant to reveal this information. Jane Street and JPMorgan were named as BlackRock’s APs. Valkyrie also named Jane and Cantor as its APs in its updated filing.
It is worth noting the irony of BlackRock selecting JPMorgan as an AP, considering JPMorgan CEO Jamie Dimon’s skepticism towards cryptocurrencies.
Deadline Approaches with Questions about Cash Model
The SEC set December 29 as the final deadline for ETF applicants to submit their last amendments for spot Bitcoin ETFs in S-1 filings. The deadline also raised questions about the cash-only model required by the SEC for spot Bitcoin ETFs. Many applicants have now adapted to this preference.
VanEck also submitted an updated filing for its spot Bitcoin ETF on Friday, coinciding with the launch of its new advertising campaign called “Born to Bitcoin.” Grayscale Investments, another key player in the spot ETF race, submitted an amended filing on Tuesday.
Hot Take: BlackRock and Valkyrie Lead the Way in Revealing APs
BlackRock and Valkyrie have taken a significant step forward in their quest for a Bitcoin ETF by revealing their Authorized Participants (APs) in their updated S-1 filings. While not required by the SEC, this disclosure demonstrates transparency and sets them apart from other contenders. BlackRock’s selection of JPMorgan as an AP, despite CEO Jamie Dimon’s criticism of cryptocurrencies, adds an interesting twist to the story. With the December 29 deadline approaching, it will be interesting to see how other applicants adapt to the cash-only model required by the SEC. The race for a spot Bitcoin ETF is heating up, and BlackRock and Valkyrie are leading the way.
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