JPM - BlackRock Fidelity WisdomTree Name Jane Street JPMorgan As Authorized Participants For Bitcoin ETFs | Benzinga
BlackRock Inc. (NYSE:BLK), Fidelity (NYSE:FIS), and WisdomTree Inc. (NYSE:WT) have announced market maker Jane Street Capital and JPMorgan Securities (NYSE:JPM) as the “authorized participants” for their potential Bitcoin ETFs, which are currently awaiting regulatory clearance.
What Happened: As reported by Bloomberg on Friday, BlackRock has submitted an updated prospectus to the Securities and Exchange Commission (SEC), appointing Jane Street Capital and JPMorgan Securities as authorized participants for its prospective spot-Bitcoin fund, provided it receives regulatory approval.
Jane Street has also been chosen by Fidelity and WisdomTree for their Bitcoin (CRYPTO: BTC) ETFs.
In a similar vein, Valkyrie has roped in Jane Street and Cantor Fitzgerald & Co. for identical roles.
Authorized participants, usually broker-dealers, handle cash flow and the creation and redemption of ETF shares. Despite industry apprehensions about securing authorized-participant agreements for Bitcoin funds, given the novelty of cryptocurrencies as an asset class, these firms have achieved considerable progress.
See Also: Dogecoin, XRP Witness Significant Whale Activity: ...