BlackRock, the world's largest asset manager, has selected JPMorgan as a lead authorized participant for its spot bitcoin exchange-traded fund (ETF). This decision comes despite JPMorgan CEO Jamie Dimon expressing negative views on cryptocurrencies, stating in a congressional hearing that he would shut down crypto if he were the government.
On the final day of the U.S. Securities and Exchange Commission's (SEC) deadline, BlackRock submitted an updated filing for its spot bitcoin ETF. The filing reveals that JPMorgan and Jane Street have been named as authorized participants for the ETF. This move has raised eyebrows, given Jamie Dimon's recent remarks about crypto being primarily used for criminal purposes.
Gabor Gurbacs, Vaneck's director of digital assets strategy, questioned the decision, stating on social media that just three weeks after Dimon's negative comments, JPMorgan is named an authorized participant for BlackRock's bitcoin ETF. Others on social media echoed similar sentiments, highlighting the irony of Dimon's role as a lead authorized participant for the world's largest asset manager's bitcoin ETF.
In addition to BlackRock, other spot bitcoin ETF applicants, including Vaneck, Valkyrie, Bitwise, Invesco/Galaxy, Fidelity, Wisdomtree, and the joint venture of Ark Investments and 21shares, submitted their amended filings to the SEC. These filings aim to be considered in the initial wave of spot bitcoin ETF decisions.
While some are optimistic that spot bitcoin ETF approvals could positively impact BTC prices, JPMorgan analysts remain skeptical. They suggested in a November note that spot bitcoin ETFs could exert "severe downward pressure on bitcoin's price." Meanwhile, BlackRock disclosed plans to seed its spot bitcoin ETF with $10 million on January 3rd.
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