With recent developments in the cryptocurrency space, several key players have made significant strides in the race for the first spot Bitcoin Exchange Traded Fund (ETF) in the United States. Leading applicants BlackRock and Valkyrie have signaled preparations for potential approval by designating their authorized participants (APs). Additionally, other major contenders such as Invesco Galaxy, WisdomTree, Fidelity, and Bitwise have also filed amended filings with the Securities and Exchange Commission (SEC) outlining unique strategies and partnerships.
BlackRock and Valkyrie established new partnerships
BlackRock, a pioneer in the financial industry, has partnered with JP Morgan and Jane Street as authorized participants for potential Bitcoin ETFs, according to recent filings. This move has raised eyebrows, especially given JP Morgan CEO Jamie Dimon’s recent strong negative stance on Bitcoin. Another leading applicant, Valkyrie, also listed Jane Street and Cantor Fitzgerald as its authorized participants, demonstrating the industry’s tendency to include multiple participants.
Some files have changed
The modified files reveal different strategies among the contestants. Invesco Galaxy, for example, demonstrated its commitment to attracting investors by waiving fees for the first six months and an initial $5 billion in assets. Specifically, it named Virtu and JPMorgan as authorized participants. WisdomTree and Fidelity showcase competitive fee structures in their applications and selected Jane Street as their AP.
Bitwise made a $200 million Bitcoin ETF move
While Bitwise has yet to announce its authorized participant, it has allocated an impressive $200 million to seed its ETF, surpassing BlackRock’s known $10 million in seed capital. BlackRock’s inclusion of JP Morgan as AP is particularly notable given Dimon’s recent critical comments about cryptocurrency. The move highlights the divergence between corporate operations and public views of leadership, with JPMorgan’s role bringing credibility and stability to the ETFs it supports.
What is the latest situation in Bitcoin price?
Bitcoin advocate Nic Carter predicts an almost 100% jump in Bitcoin price by 2024 if the SEC approves spot Bitcoin ETF applications. Carter emphasizes a more measured trajectory, warning against widespread expectations of a sudden rise in prices following ETF approval.
With the SEC set to rule on spot Bitcoin ETFs between January 5 and January 10, major players in the cryptocurrency space are actively positioning themselves, securing authorized participants, and announcing various strategies. The consequences of these developments could have a profound impact on the cryptocurrency market, affecting both investor sentiment and the future trajectory of Bitcoin prices.
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