BlackRock designates JPMorgan, Jane Street as Bitcoin ETF authorized participants
BlackRock disclosed JPMorgan Securities and Jane Street as intended participants for its proposed Bitcoin ETF before the SEC decision. The asset management giant is set to collaborate with the participants , pending approval from the Securities and Exchange Commission (SEC). Authorized participants play a crucial role in ETF operations, as they can create and redeem shares. This involves exchanging ETF shares for a corresponding basket of securities mirroring the fund’s holdings or opting for a cash exchange. The disclosure of these authorized participants is considered a pivotal step before the SEC decides. JPMorgan CEO Jamie Dimon has previously advocated for a government ban on cryptocurrencies, citing concerns about their legitimacy. But with JPMorgan being an intended participant in the Bitcoin ETF, Dimon’s words contradict his previous statements. Jamie Dimon says Bitcoin should be banned. Now his bank JP Morgan has been named as an ‘Authorised Participant’ on Bl...