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BlackRock, the largest asset manager in the world, is reportedly anticipating that regulators approve its application for a spot Bitcoin (BTC<\/a>) exchange-traded fund (ETF) this week.<\/p>\n Fox Business reports<\/a> that BlackRock is expecting the U.S. Securities and Exchange Commission (SEC) to green light its BTC ETF application this Wednesday, January 10th.<\/p>\n If approved, the ETF will be the first time that the public stock market will feature a crypto investment product that directly tracks the spot market price of Bitcoin.<\/p>\n BlackRock recently tapped<\/a> JPMorgan, the biggest bank in the US, and trading firm Jane Street to be authorized participants (APs) for the ETF. An AP is an organization, typically a large bank, that has the power to create and redeem shares of a particular ETF.<\/p>\n Bloomberg analyst Eric Balchunas says that the naming of APs isn\u2019t required on S-1 filings, so 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 Other than BlackRock, asset managers including ARK Invest, Valkyrie and Wisdom Tree are also hoping for approvals on their ETF applications.<\/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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