BlackRock officially named JPMorgan as an authorized participant for its pending Spot Bitcoin ETF. Upon any approval by the SEC, JPMorgan Securities and Jane Street Capital will be among the first financial firms to begin working with Bitcoin shares for investments.
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In the latest amendment to its S-1, BlackRock brought itself to the starting gates for the Spot Bitcoin ETF race. Investors have long pursued a spot BTC ETF in the US. The Securities and Exchange Commission, fortunately, is expected to approve the first one as soon as January 2024.
The SEC has long pushed back its decision on Bitcoin ETF approval in the US, citing multiple concerns. However, US courts have put pressure on the regulator to make a decision, raising the hype around the entire crypto market, specifically Bitcoin
Also Read: Spot Bitcoin ETF To Increase Institutional Funding: Goldman Sachs
BlackRock itself has met with the SEC several times in the past months, applying more pressure for Bitcoin ETF approval. Back in October, BlackRock became the first Wall Street firm to utilize JPMorgan’s blockchain-based collateral settlement system. With this existing relationship with BlackRock, JPMorgan will likely be one of the first bank choices to implement Bitcoin ETFs in everyday banking with its clients.
At press time, Bitcoin is trading at $42,065.54. It is down in the last 24 hours, but following the BlackRock and JPMorgan news, BTC price saw a slight recovery back over $42,000 after being as low as $41,800 just hours earlier.
