Wall Street giant BlackRock made a correction today that caused a lot of buzz. Bitcoin Exchange Traded Fund (ETF) Banking giant JP Morgan Securities and trading firm Jane Street applied and were appointed as approved participants.
In the world of ETFs, authorized participants are organizations that work with fund issuers to create and redeem shares of a fund so that investors can cash them out.
According to experts, this is likely to be the final step in the long-awaited product application process after various reviews and revisions.
BlackRock last week Modified It was submitted that the fund could only redeem cash.
The U.S. Securities and Exchange Commission has set today as the deadline for applicants to amend their submissions.
At the time of writing, fund manager Valkyrie has named quantitative trading firm Jane Street as one of its approved participants. The other was Cantor Fitzgerald.
Last June, the world’s largest fund manager, BlackRock, applied SEC launches spot Bitcoin ETF, raising price of largest cryptocurrency open fire. Since then, BlackRock CEO Larry Fink has called Bitcoin is an “international asset” that “digitizes gold.”
Now, analysts believe the interest from big-name fund managers and many other big names on Wall Street could lead to the SEC finally approving the long-awaited investment vehicle after rejecting applications for a decade.
Such a product would allow people to purchase stocks that track the price of Bitcoin. These may be unfamiliar assets for traditional investors to purchase and hold.
Industry observers noted the irony of today’s filing naming JP Morgan as an approved participant. Bank CEO Jamie Dimon has repeatedly criticized Bitcoin.
Earlier this month, billionaire banker Dimon said Lawmakers: “I have always been opposed to cryptocurrencies, Bitcoin, etc.” He added that if he were the government in charge, “we would shut it down.”
