NewsletterJust In: Valkyrie & BlackRock Amend S-1 Documents, Reveal APs in Latest Bitcoin ETF Filings
BlackRock, a heavyweight asset manager, and financial firm Valkyrie updated their S-1 filings for a Bitcoin Exchange-Traded Fund (ETF) before the SEC deadline on Friday. The latest updates marked BlackRock’s and Valkyrie’s fifth amendments, respectively.
Bloomberg’s senior ETF analyst, Eric Balchunas, noted that BlackRock disclosed the names of its Authorized Participants (APs) in the document. It named Jane Street and JPMorgan as its APs. This positions BlackRock as the first Bitcoin ETF applicant to reveal its AP details. Within minutes, an update that Valkyrie named Jane and Cantor as its APs in updated S-1 filing hit the news. Along with BlackRock, they are now among the first contenders to officially reveal the APs. As per experts, the S-1 requirements didn’t mandate the applicants to reveal their AP names just yet.
Balchunas noted the ‘irony’ in BlackRock selecting JPMorgan as an AP in the filing, given that JPMorgan CEO Jamie Dimon has been a vocal critic of cryptocurrencies. In previous statements, Dimon has expressed skepticism about crypto, reportedly saying, “If I was the government, I’d close it down.”
Deadline looms with ‘Cash Creates’ Queries
The Securities and Exchange Commission (SEC) had set December 29 as the final deadline for ETF applicants to submit their last amendments for spot Bitcoin ETFs in S-1 filings. The deadline also loomed with questions about the cash-only model. The SEC mandates a “Cash Creates” model for spot Bitcoin ETFs. And many applicants have now adapted to the regulator’s preference.
On Friday, fund manager VanEck also submitted an updated filing for its spot Bitcoin ETF, coinciding with the launch of its new advertising campaign titled “Born to Bitcoin.”
Grayscale Investments, another key player in the spot ETF race, submitted an amended filing to the SEC on Tuesday. This filing came shortly after Barry Silbert, Grayscale Investments’ chairman, stepped down from his role.
Also Read: Bloomberg Analyst Corrects Crucial Spot Bitcoin ETF Misconception
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