Wall Street titan BlackRock has made a much-talked about upgrade today. Bitcoin Exchange Traded Fund (ETF) Registering and naming banking giant JP Morgan Securities and trading firm Jane Street as authorized participants.
In the world of ETFs, an authorized participant is a company that works with the fund's issuer to create and redeem shares of the fund so that an investor can withdraw money.
This, according to experts, could be the final stage of the application process for the long-awaited product after various reviews and revisions.
Blackrock last week It has improved Providing that the currency allows cash-only redemptions.
The US Securities and Exchange Commission has set a deadline of today for applicants to make amendments to their filings.
At the time of writing, the fund manager Valkyrie named quantitative trading firm Jane Street as one of its authorized participants. Another was Cantor Fitzgerald.
BlackRock, the world's largest fund manager, in June applied To release a Bitcoin ETF to the SEC, leading the price of the largest cryptocurrency Increase. Since then, BlackRock CEO Larry Fink has. It is called Bitcoin is a “global asset” that “digitizes gold”.
Analysts now think the SEC will approve the long-awaited investment vehicle after 10 years of rejecting applications from the popular fund manager and many other prominent Wall Street firms.
Such a product allows people to buy stocks that track the price of Bitcoin—an asset that may be alien to traditional investors to buy and hold.
Industry observers point out that today's filing is ironic in naming JP Morgan as an authorized participant: the bank's CEO, Jamie Dimon, has repeatedly blasted bitcoin.
Earlier this month, billionaire banker Dimon They spoke Legislators: “I was always against crypto, bitcoin and others,” he said, “if the government was in charge, it would be closed.”
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