The post BlackRock designates JPMorgan, Jane Street as Bitcoin ETF authorized participants appeared on BitcoinEthereumNews.com.

BlackRock disclosed JPMorgan Securities and Jane Street as intended participants for its proposed Bitcoin ETF before the SEC decision. The asset management giant is set to collaborate with the participants, pending approval from the Securities and Exchange Commission (SEC). Authorized participants play a crucial role in ETF operations, as they can create and redeem shares. This involves exchanging ETF shares for a corresponding basket of securities mirroring the fund’s holdings or opting for a cash exchange. The disclosure of these authorized participants is considered a pivotal step before the SEC decides. JPMorgan CEO Jamie Dimon has previously advocated for a government ban on cryptocurrencies, citing concerns about their legitimacy. But with JPMorgan being an intended participant in the Bitcoin ETF, Dimon’s words contradict his previous statements. Jamie Dimon says Bitcoin should be banned. Now his bank JP Morgan has been named as an ‘Authorised Participant’ on BlackRock’s ETF application – the biggest name in funds management. Watch what they do. Not what they say. pic.twitter.com/9fHle3wjf8 — Bitcoin Archive (@BTC_Archive) December 29, 2023 According to analysts from Bloomberg Intelligence, such as James Seyffart and Eric Balchunas, the SEC is poised to approve spot Bitcoin ETF proposals that commit to cash-only creations and redemptions, provided they have agreements with authorized participants. The likelihood of SEC approval stands at 90%, with expectations of some firms launching a spot Bitcoin ETF in early January. BlackRock just dropped its updated S-1 and it DOES name the APs: Jane Street and JPMorgan (which is kinda ironic). Looks we have our first horse that at the starting gate. pic.twitter.com/H3UmaesygJ — Eric Balchunas (@EricBalchunas) December 29, 2023 As the SEC faces a Jan. 10 deadline for a decision on proposals by ARK Invest and 21Shares, market watchers anticipate potential developments in the emerging Bitcoin ETF landscape. Despite refilings…

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Filed under: News - @ December 30, 2023 10:10 pm