BlackRock, Valkyrie ETF Applicants Designate Authorized Participants

According to filings, BlackRock and Valkyrie, two spot bitcoin exchange-traded fund (ETF) petitioners, have designated two authorized participants (AP) for their ETF that have not yet been approved.

BlackRock was the initial registrant to declare the entity responsible for procuring Bitcoin on its behalf, although BlackRock itself is prohibited by law from doing so.

A filing indicates that the asset manager has partnered with quantitative trading firms Jane Street and J.P. Morgan.

Another filing shows that, in addition to Cantor Fitzgerald, Jane Street has also been designated as AP by Valkyrie. Many ETF issuers will probably permit multiple authorized participants.

Both applicants submitted an amended S-1 form to the Securities and Exchange Commission (SEC) on Friday, the final submission day. They are the only applicants to have done so thus far.

Nonetheless, in their S-1 filing, applicants are not obligated to provide the names of their authorized participants.

The inclusion of J.P. Morgan in BlackRock’s filing surprised specific industry experts, considering the firm’s CEO Jamie Dimon’s adamant opposition to Bitcoin and the cryptocurrency industry at large.

Dimon stated earlier this month that if he were the government, he would prohibit cryptocurrencies and is “adrenally opposed” to the asset class.

A determination regarding the approval of a spot bitcoin ETF is anticipated from the SEC between January 5 and 10.