Bitcoin Critic Jamie Dimon’s JPMorgan Buys BTC on Behalf of BlackRock’s ETF

Revisions to the spot Bitcoin ETF application are continuing, and BlackRock has named Jane Street Capital and JPMorgan Securities as authorized participants for its exchange-traded fund, subject to approval from the U.S. SEC.

Of particular interest is the involvement of JPM, whose CEO recently called on the US government to shut down Bitcoin.

JPM, Jane Street names AP

Global financial giants such as BlackRock, Fidelity, VanEck, and Valkyrie are continuing their efforts to launch spot Bitcoin ETFs in the United States. In the past, securities regulators have made persistent efforts to reject or postpone applications, but the situation appears to have changed a lot now, and according to general estimates, the product could be launched as early as mid-January.

Nonetheless, the SEC is requiring more and more amendments from applicants, which may be the reason for the recent uproar from Grayscale, the largest cryptocurrency asset manager, which is looking to convert its flagship fund into a physical Bitcoin ETF. there is.

Despite having an impressive success rate with ETF applications, BlackRock has had to change its BTC filings multiple times to satisfy Gary Gensler’s committee. The latest changes from the world’s largest asset manager were announced on Friday, with Jane Street and JPMorgan Securities included as approved participants on behalf of BlackRock’s spot Bitcoin ETF application.

If the SEC approves the filing, AP will acquire BTC since BlackRock cannot legally acquire BTC on its own.

Most reports claim that BlackRock was the first to name AP, but other filings show that Fidelity and WisdomTree also joined hands with Jane Street Capital.

JPM’s involvement

While several large U.S. banks have publicly supported Bitcoin, such as BNY Mellon, or changed their stance after years of criticism, JPMorgan and its CEO in particular have been on the other side. Jamie Dimon once regretted calling Bitcoin a scam, but he took advantage of every opportunity to chase it down.

But he has mainly opposed major digital assets. His most recent negative comments came just weeks before the bank he runs was named an AP on BlackRock’s Bitcoin ETF proposal.

like cryptocurrency Reported in early December, Dimon said he would “shut down” BTC if he ran the U.S. government because he believes only criminals use BTC and other cryptocurrencies. So, one wonders whether he changed his mind in just three weeks or whether he was acting hypocritical at some point.