Companies BlackRock, VanEck, Valkyrie, Fidelity, WisdomTree, Bitwise, Franklin Templeton, Invesco и Galaxy filed final amendments to the spot bitcoin-ETF filings with the U.S. Securities and Exchange Commission (SEC).
Bloomberg market analyst Eric Balchunas noted that BlackRock named as authorized participants (AP) for its instrument Jane Street and JPMorgan. In early December, the CEO of the latter, Jamie Dimon, called for authorities in the United States to ban cryptocurrencies.
BlackRock just dropped its updated S-1 and it DOES name the APs: Jane Street and JPMorgan (which is kinda ironic). Looks we have our first horse that at the starting gate. pic.twitter.com/H3UmaesygJ
— Eric Balchunas (@EricBalchunas) December 29, 2023
Balchunas noted that at this stage issuers are not required to disclose authorized participants, so such a move by BlackRock demonstrates the company’s willingness to be among the first.
«Another data point that we live in a clown world simulation, where Jamie “cryptocurrencies should be banned” Dimon’s firm would be the leading AP on the premier spot crypto ETF», wrote lawyer Scott Jonsson.
Just another datapoint to update priors that we live in the clown world simulation when Jamie «crypto should be banned» Dimon’s firm would be a leading AP on the premier spot crypto ETF.
— Scott Johnsson (@SGJohnsson) December 29, 2023
Balchunas said that the issuers have already begun a price war: Invesco Galaxy have waived fees for the first six months, Fidelity set a low fee of 0.39%.
Yes.. told ya’ll the fee war would break out bf the starting gun even went off. And it won’t ever end. This is normal life in the ETF Terrordome tho, the crypto exchange mind cannot comprehend this. https://t.co/5Am76DHzAi
— Eric Balchunas (@EricBalchunas) December 29, 2023
Against the backdrop of the updated filings, VanEck published a teaser urging people to buy Bitcoin.
Born to Bitcoin. ? pic.twitter.com/qYI3bmZDvC
— VanEck (@vaneck_us) December 29, 2023
Earlier reports indicated that the SEC had set December 29 as the deadline for submitting final amendments to the bitcoin-ETF filings.
Analysts had suggested that approval of the instrument would lift the asset’s price to $54,000. However, Morgan Creek Digital co-founder Anthony Pompliano warned that the launch of the ETF would not double the price of Bitcoin overnight.
Opposing view came from JAN3 CEO Samson Mow. He predicted that digital gold would rise to $1 million within a few “days or weeks” after approval of the instrument.
On August 31 the SEC delayed a decision on several bitcoin funds at least until mid-October. At the end of September the agency moved consideration of the applications to January 2024.