BlackRock Moves Forward with Bitcoin ETF and Names JP Morgan as Authorized Participant

Global asset management giant BlackRock has completed the final phase of its spot Bitcoin ETF filing. The company announced the appointment of authorized participants, a crucial step towards the fund’s final approval.

Named participants include Jane Street Capital, LLC and JP Morgan Securities LLC, as reflected in a document recently filed with the SEC.

The appointment of these renowned financial institutions is the final requirement for ETF approval, a milestone also achieved by Valkyrie Investments through Jane Street Capital LLC and Cantor Fitzgerald & Co.

BlackRock appoints JP Morgan as authorized ETF participant

The inclusion of JP Morgan as one of the authorized participants marks a notable turnaround given CEO Jamie Dimon’s previously skeptical attitude toward cryptocurrencies.

Dimon has already openly expressed his doubts about the sector and even stated that he would fire JP Morgan employees caught trading cryptocurrencies.

Now, under its new role as authorized participant, JP Morgan will be directly involved in the issuance and redemption of BlackRock Bitcoin ETF units. This move is seen as an eloquent example of the changing attitude towards cryptocurrencies by major global financial institutions.

Final market approval of Bitcoin ETFs is widely anticipated, with it expected to occur possibly next week, and finally on Wednesday, January 10.

BlackRock and Valkyrie are among the first to reach this stage, with even more applicants lining up to nominate their own authorized participants – a step considered challenging in the approval process.

The progress represents a significant moment for the cryptocurrency market, signaling growing institutional acceptance of Bitcoin and potentially paving the way for greater adoption among traditional investors.

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Source: Live Coins