BlackRock and Valkyrie list JP Morgan and others as authorized participants (AP) of Bitcoin ETF | CoinDesk JAPAN

BlackRock and Valkyrie, major U.S. asset management companies that have applied for a Bitcoin spot ETF (exchange traded fund), have each listed two companies as authorized participants (APs) for the ETF, according to filings. It became clear.

designated participant: Authorized participants, also called APs (Authorized Participants), are responsible for setting up and exchanging (cancelling) ETFs. They may respond to the demands of large-scale transactions from institutional investors, etc., or may be responsible for providing liquidity (market making) within the trading floor. (Source: TSE Management Department!)

BlackRock has partnered with US banking giant JPMorgan Chase & Co. and crypto market maker Jane Street, according to separate filings. Valkyrie listed Jane Street, Cantor Fitzgerald, as an AP.

BlackRock and Valkyrie filed updated S-1 filings with the Securities and Exchange Commission (SEC) on December 29, the last filing date of the year. So far, these are the only two companies that have submitted applications that include AP. However, it is not necessary to include AP on the S-1 application.

Related article: BlackRock Bitcoin ETF seeks participation from Wall Street banks

Some industry observers were surprised that JPMorgan was listed as an AP. CEO Jamie Dimon has long expressed a strong negative attitude toward Bitcoin and crypto assets in general. Earlier this month, Dimon also said that if he were in government, he would ban cryptoassets, and that he is “strongly opposed” to cryptoassets.

The SEC is expected to approve a Bitcoin spot ETF between January 5th and 10th.

｜Translation/Editing: CoinDesk JAPAN Editorial Department
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