BlackRock updates SEC filing for spot Bitcoin ETF and names Jane Street and JPMorgan as authorized participants.

BlackRock updated its filings with the Securities and Exchange Commission on Friday, approving Jane Street Capital and JP Morgan Securities LLC for a proposed spot Bitcoin ETF in what could be the asset manager’s final push to gain regulator approval. designated as a qualified participant.

James Seyffart, Bloomberg Intelligence ETF research analyst, said Jane Street was expected on X. answer To submit. JPMorgan does not, and this move is widely known in the cryptocurrency world.

“JP Morgan – it’s pretty fun, we’re one step closer to launch in the next few weeks,” Seyffart said.

JPMorgan CEO Jamie Dimon has been notorious for his dismay at cryptocurrencies for years and has previously said people should stay away from Bitcoin. More recently, at the Senate Banking Committee this month, he told Senator Elizabeth Warren of Massachusetts that if he were the government, he would shut down cryptocurrencies.

Scott Johnsson of Van Buren Capital said, “Jamie is another data point to update our prior knowledge that we are living in a clown world simulation where ‘cryptocurrencies should be banned’. Dimon’s firm leads the best spot cryptocurrency ETFs “It’s going to be AP,” he said. wrote on.

Authorized participants are registered broker-dealers used in the creation and redemption process, which has been a key focus in ongoing conversations with the SEC.

Deadline approaches

BlackRock’s latest move comes as the Securities and Exchange Commission’s deadline to decide whether to approve or disapprove a spot Bitcoin ETF is fast approaching in early January, according to analysts. Even if approved, it may take several more days or weeks until the product is actually released. ReleasedAccording to Seyffart.

“Clearly this is looking more and more like a done deal. We need the highest levels of government to basically stop this from being approved,” Seyffart told X on Friday.

One possible sticking point over the past few weeks has been whether the ETF will have a cash-based or in-kind creation and redemption model. Papers presented at a recent meeting showed nods. We aim for the so-called cash repayment model. analyst He said the SEC appears to have the advantage. BlackRock also said in its latest filing that “transactions will be conducted in exchange for cash. Subject to spot regulatory approvals, such transactions may also be conducted in exchange for Bitcoin.”

bullish phase

BlackRock’s move was seen as an optimistic move, although approved participants have not yet been named, according to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.

“BlackRock adding this gives us some flexibility in that regard,” he said. “So just because other S-1s don’t name APs doesn’t mean they’re out of line. But this makes BlackRock the first horse to be officially ready.”

Also on Friday, Valkyrie filed an update with the SEC on its proposed spot Bitcoin fund and named approved participants Jane Street Capital and Cantor Fitzgerald.

Balchunas noted that Valkyrie “officially joined BlackRock with two horses out of the starting gate.”

Meanwhile, VanEck filed an update on its proposed Bitcoin fund with the SEC on Friday and posted the following: video Last Friday, social media made fun of the term “Born to.” bitcoin BTC

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long road

The cryptocurrency industry has been competing for years over a spot Bitcoin ETF that has not yet been approved by the SEC. SEC Chairman Gary Gensler said earlier this month that the SEC “new look“ In an application following a recent court ruling.

A Washington, D.C., court that sided with Grayscale last summer was seen as a sign that approval could come. Three judges from the U.S. Court of Appeals for the D.C. Circuit rule The SEC was forced to reexamine Grayscale’s spot Bitcoin ETF bid after the asset management firm sued Grayscale in August after rejecting a plan to convert its flagship GBTC fund.

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