BlackRock Names Authorized Participants for Spot Bitcoin ETF
BlackRock has named Jane Street Capital and JPMorgan Securities as the authorized participants for its spot Bitcoin exchange-traded fund (ETF), pending approval from the US SEC. This is particularly interesting considering that JPMorgan’s CEO, Jamie Dimon, recently called for the US government to shut down Bitcoin.
Global Financial Behemoths Continue Push for Spot Bitcoin ETFs
Financial giants like BlackRock, Fidelity, VanEck, and Valkyrie are continuing their efforts to launch spot Bitcoin ETFs in the US. While the SEC has historically rejected or delayed these applications, the landscape appears to be changing, with estimates suggesting that a spot Bitcoin ETF could be approved as early as mid-January.
However, the SEC is requesting additional amendments from applicants, which may have contributed to recent turbulence in Grayscale’s attempt to convert its flagship fund into a spot Bitcoin ETF.
BlackRock Makes Amendments to BTC Filing
Despite its success rate with ETF applications, BlackRock has had to make several changes to its BTC filing to meet the SEC’s requirements. The latest amendments include the inclusion of Jane Street and JPMorgan Securities as authorized participants for BlackRock’s spot Bitcoin ETF application. If approved, these authorized participants will acquire BTC on behalf of BlackRock.
Reports suggest that other firms like Fidelity and WisdomTree have also chosen Jane Street Capital as their authorized participants.
JPMorgan’s Involvement Raises Questions
JPMorgan and its CEO Jamie Dimon have been known for their negative stance on Bitcoin. Dimon has repeatedly criticized the digital asset, even stating that he would “close down” BTC if he were in charge of the US government. However, JPMorgan’s recent involvement as an authorized participant for BlackRock’s Bitcoin ETF proposal raises questions about Dimon’s position.
Hot Take: Will JPMorgan’s Involvement Signal a Shift in Stance?
JPMorgan’s participation in BlackRock’s Bitcoin ETF proposal may suggest a potential shift in its stance on cryptocurrencies. While Dimon has been a vocal critic of Bitcoin in the past, this move raises questions about whether the bank is reconsidering its position. It remains to be seen how JPMorgan’s involvement in the ETF space will impact its overall outlook on digital assets.
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