CDS Crypto News Bitcoin ETF Gets Authorized Participants, with JPMorgan on Board, as BlackRock and Valkyrie Make Announcement

Crypto News

Bitcoin ETF Gets Authorized Participants, with JPMorgan on Board, as BlackRock and Valkyrie Make Announcement

J.P. Morgan and Jane Street have been selected by BlackRock as their authorized participants. Additionally, Valkyrie has appointed both Jane Street and Cantor Fitzgerald.

Ecem EFE30/12/20231 Mins read433

Crypto News- In a recent revelation, BlackRock and Valkyrie, the frontrunners in the race for a Bitcoin Exchange-Traded Fund (ETF), have unveiled their chosen allies, known as authorized participants (AP), as part of their strategic maneuvers within the stringent regulatory landscape. BlackRock, a heavyweight in asset management, has secured the backing of financial giant J.P. Morgan and quantitative trading firm Jane Street to execute Bitcoin acquisitions on its behalf, meticulously following regulations that restrict direct cryptocurrency purchases. Similarly, Valkyrie has strategically aligned with Jane Street and Cantor Fitzgerald as its authorized participants, a move seen as crucial in navigating the potential approval process.

Bitcoin ETF Gets Authorized Participants, with JPMorgan on Board, as BlackRock and Valkyrie Make Announcement

As the clock ticked down on the final day for updates, both BlackRock and Valkyrie took the proactive step of submitting revised S-1 forms to the Securities and Exchange Commission (SEC). While not a mandatory requirement, this transparency initiative sheds light on the entities entrusted with securing Bitcoin for the proposed ETF, a practice commonly observed among issuers of Exchange-Traded Funds.

The industry was abuzz with speculation as J.P. Morgan’s inclusion in BlackRock’s filing raised eyebrows. This was particularly noteworthy given the historical skepticism towards Bitcoin expressed by J.P. Morgan’s CEO, Jamie Dimon. Dimon, a vocal critic of cryptocurrencies, recently went on record stating his strong opposition and even suggesting a hypothetical ban on crypto if he were in a government position.

All eyes are now on the Securities and Exchange Commission (SEC), with the eagerly anticipated decision on the approval of a spot Bitcoin ETF expected to land between January 5 and 10. This impending verdict marks a pivotal moment for the cryptocurrency industry, carrying significant implications for its future trajectory.

Sources:coindesk

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Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.