BlackRock, the world’s largest asset manager, updated its filing with the Securities and Exchange Commission (SEC) on Friday, intensifying efforts to secure approval for its proposed spot bitcoin exchange-traded fund (ETF). The latest filing lists Jane Street Capital and JP Morgan Securities LLC as authorized participants, marking a significant development in the regulatory journey of the eagerly anticipated ETF.
Bloomberg Intelligence ETF research analyst James Seyffart took to X to express his insights. He noted:
First AP is named. Jane Street – expected. JP Morgan – pretty funny. One step closer to launches in the coming weeks. Obviously, it’s looking more and more like this is a done deal. Would basically need the highest rungs of government to step in and stop these things from being approved.”
BlackRock’s Flex With AP Names
Eric Balchunas, Senior ETF Analyst at Bloomberg, also weighed in on the announcement. Balchunas clarified that including authorized participant (AP) names in the S-1 filing was not mandatory. BlackRock’s decision to disclose this information was seen as a strategic move, showcasing its readiness for the impending launch. “So if we see other S-1s not naming AP doesn’t mean they don’t have one lined up. But this does make BlackRock the first horse officially ready imo,” he added.
However, the timing of BlackRock’s update is crucial, as the SEC faces a looming deadline in early January to either approve or disapprove the spot bitcoin ETF. Analysts speculate that if approval is granted, there might still be a brief time before the product is officially launched.
According to Seyffart’s earlier post, the timeline for launch remains uncertain. “No way to know for certain. Could be within a day or two of approval. Orrr it could be weeks later,” he remarked. The process involves the SEC’s approval of both the 19b-4 and the S-1 filings. While 19b-4 approvals are anticipated, the final green light from the SEC on the S-1 documents is pivotal for the actual launch.
Despite the uncertainty, Seyffart believes that the consistent meetings and re-filings indicate a collaborative effort between issuers and the SEC to expedite the process. The market awaits further developments in this high-stakes race toward the first-ever spot Bitcoin ETF approval.
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