BlackRock Selects JPMorgan and Jane Street as Authorized Participants for Spot Market Bitcoin ETF: Bloomberg Analyst
The world's largest asset management firm is appointing banking giant JPMorgan and trading firm Jane Street as authorized participants for its spot market offering for a Bitcoin (BTC) exchange-traded fund (ETF).
According to Bloomberg analyst Eric Balchunas, BlackRock has updated its S-1 filing with the U.S. Securities and Exchange Commission – the form for the initial registration of new securities – and named JPMorgan and Jane Street as authorized participants (APs).
An ` is an organization, typically a large bank, that has the authority to create and redeem shares of a particular ETF.
Balchunas says that while naming APs in S-1 filings is not required, BlackRock's addition may have been a power play.
“Just to be clear, the ` names were not due in S-1s, so the addition by BlackRock is a slight departure in that regard. So when we see others not calling S-1 an `, it doesn't mean they don't have one. But that, in my opinion, makes BlackRock the first horse that is officially ready.”
BlackRock is not the only BTC ETF looking to name its APs.
Valkyrie named both Jane Street and asset management firm Cantor Fitzgerald as its APs, while Fidelity also chose Jane Street as its `.
Meanwhile, ETF issuer WisdomTree named Jane Street as its `, while investment management firm Invesco named JPMorgan and financial firm Virtu as its APs.
Spot market BTC ETFs are expected to be approved or rejected by the U.S. Securities and Exchange Commission sometime in January 2024.
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