JPMorgan Named Authorized Participant in BlackRock’s Bitcoin ETF Filing

In an unexpected move, BlackRock announced JPMorgan as its Authorized Participant (AP) in their updated ETF filing. This development is surprising given that JPMorgan’s CEO is known for his critical view of Bitcoin. The involvement of a major bank, traditionally skeptical of cryptocurrencies, adds credibility to the Bitcoin ETF and reflects the evolving relationship between traditional finance and the crypto world. Other Bitcoin ETF applicants, such as Valkyrie, Fidelity, and Invesco Galaxy, also submitted final S-1 amendments, revealing details about authorized participants and fees. The countdown to the approval of the first spot Bitcoin ETF for the US market is now down to days. This development marks a significant shift in JPMorgan’s stance towards cryptocurrencies, particularly Bitcoin and the irony in JPMorgan’s new role, given Dimon’s past criticism of digital currencies.(Source: Coinjournal)