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The biggest asset management firm in the world is naming banking giant JPMorgan and trading firm Jane Street as authorized participants for its spot market Bitcoin (BTC<\/a>) exchange-traded fund (ETF) bid.<\/p>\n According to Bloomberg analyst Eric Balchunas, BlackRock updated<\/a> its S-1 filing to the U.S. Securities and Exchange Commission (SEC) \u2013 the form for the initial registration of new securities \u2013 and named JPMorgan and Jane Street as authorized participants (APs).<\/p>\n An AP is an organization, typically a large bank, that has the power to create and redeem shares of a particular ETF.<\/p>\n Balchunas says that while the naming of APs isn\u2019t required<\/a> on S-1 filings, BlackRock adding them may have been a power play.<\/p>\n \u201cJust to be clear: the AP names weren\u2019t due in S-1s, so BlackRock adding them in there is a bit of a flex in that regard. So if we see other S-1s not naming AP doesn\u2019t mean they don\u2019t have one lined up. But this does make BlackRock the first horse officially ready in my opinion.\u201d <\/em><\/p>\n BlackRock is not the only BTC ETF hopeful to name its APs.<\/p>\n Valkyrie named<\/a> both Jane Street and asset management firm Cantor Fitzgerald as its APs, while Fidelity also chose<\/a> Jane Street as an AP.<\/p>\n Meanwhile, ETF-issuer WisdomTree designated<\/a> Jane Street as its AP, while investment management firm Invesco cited<\/a> JPMorgan and financial firm Virtu as its APs.<\/p>\n Spot market BTC ETFs are slated<\/a> to be approved or denied by the U.S. Securities and Exchange Commission sometime in January 2024.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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