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.
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.