BlackRock and Valkyrie Bitcoin ETF, JP Morgan and others to provide liquidity

The last submission date is the 29th.

It has been revealed that BlackRock and Valkyrie, two companies applying for a physical Bitcoin exchange-traded fund (ETF), have named two authorized participants (APs) for the ETF in new filings. Last week, the SEC explained, “If the final version of the application is not submitted by December 29th, it will not be approved by early January,” making this the last document submission of the year.

connection: U.S. SEC hints at January approval of Bitcoin spot ETF, setting deadline for submission of application documents on the 29th = Report

JPMorgan Securities LLC and Jane Street Capital will be named participants, according to BlackRock’s filing. Regarding Jane Street, it was expected that it would become an AP for some time, but JPMorgan’s name came up because CEO Jamie Dimon is a cryptocurrency skeptic, so he is responsible for providing liquidity for Bitcoin ETFs, setting up and managing Bitcoin ETFs. It is expected that redemption (exchange) will increase the legitimacy of ETFs in the traditional financial world.

Commenting on JP Morgan’s entry, Bloomberg ETF analyst Eric Balchunas said, “BlackRock is showing its strength as a major financial institution by incorporating JP Morgan as AP.No other applicant company named AP. That doesn’t mean he doesn’t have AP, but now Blackrock is officially the ‘first horse’ ready to go.”

Most current Bitcoin ETF listing applications such as BlackRock adopt a “Cash only” ETF issuance/redemption model, so designated participants bring in physical Bitcoin to acquire ETF shares. -kind), but instead uses cash to purchase Bitcoin at Coinbase.

In addition to BlackRock, Valkyrie also counts Jane Street Capital and brokerage firm Cantor Fitzgerald as named participants.

connection: A professional explains the year-end Bitcoin market as expectations for ETF approval increase | Contribution: Virtual NISHI

CoinPost Special feature for virtual currency beginners

We have introduced the “Heat Map” function to the CoinPost app for investors!
In addition to important news about virtual currencies, you can also see at a glance exchange information such as the dollar yen and price movements of crypto asset-related stocks in the stock market such as Coinbase.

■Click here to download the iOS and Android versions
https://t.co/9g8XugH5JJ pic.twitter.com/bpSk57VDrU

— CoinPost (virtual currency media) (@coin_post) December 21, 2023

The post BlackRock and Valkyrie Bitcoin ETF, JP Morgan and others to provide liquidity appeared first on Our Bitcoin News.