Two spot bitcoin exchange-traded fund (ETF) applicants, BlackRock and Valkyrie, have named two authorized participants (AP) for their yet-to-be-approved ETF, filings show.

BlackRock was the first applicant to announce who will acquire the bitcoin on behalf of BlackRock, which is not legally allowed to purchase the cryptocurrency itself. The asset manager has teamed up with J.P. Morgan and quantitative trading firm Jane Street, a filing shows. Valkyrie has also named Jane Street in addition to Cantor Fitzgerald as AP, another filing shows. Many ETF issuers will likely have multiple authorized participants.

Filecoin Foundation President on Decentralizing Data Storage

01:41

U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement; Gensler Speaks on Ether ETF Approval

01:11

Why Bitcoin Is Not Keeping Pace With Nasdaq

09:08

Mona Founder on Future of the Metaverse

01:49

Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk

Both applicants filed an updated S-1 form with the Securities and Exchange Commission (SEC) on Friday – the last day that applicants can do so – being the only ones so far to do so. However, applicants aren’t required to name their authorized participants in their S-1 filing.

Some industry experts were surprised to see J.P. Morgan was named in BlackRock’s filing, given CEO Jamie Dimon’s strong negative stance on bitcoin and the crypto sector in general. Just earlier this month, Dimon said he would ban crypto if he were the government and is “deeply opposed” to the asset class.

The SEC is expected to make a decision on whether or not it will approve a spot bitcoin ETF between January 5 and 10.

Edited by Aoyon Ashraf.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF

BlackRock will use J.P. Morgan and Jane Street as their authorized participants. Valkyrie has also named Jane Street in addition to Cantor Fitzgerald.

Filecoin Foundation President on Decentralizing Data Storage