BlackRock Names JPMorgan for Bitcoin ETF, SEC Approval Expected in 2024

In a significant development, BlackRock has officially designated JPMorgan as an authorized participant for its forthcoming Spot Bitcoin ETF. Pending approval from the Securities and Exchange Commission (SEC), JPMorgan Securities and Jane Street Capital are poised to be among the pioneering financial entities to engage with Bitcoin shares for investment purposes.

BlackRock has strategically positioned itself at the forefront of the Spot Bitcoin ETF race with the latest amendment to its S-1 filing. Investors have eagerly awaited the introduction of a spot BTC ETF in the United States, and optimism is building as the SEC is anticipated to greenlight the first one by January 2024.

Despite the SEC’s prolonged deliberation and multiple concerns regarding Bitcoin ETF approval, recent legal pressures have prompted the regulator to expedite its decision-making process. This development has fueled heightened excitement within the crypto market, particularly for Bitcoin enthusiasts.

BlackRock’s proactive engagement with the SEC in recent months underscores its persistent efforts to secure approval for a Bitcoin ETF. The firm made headlines in October by becoming the inaugural Wall Street entity to leverage JPMorgan’s blockchain-based collateral settlement system. Given this established relationship, JPMorgan is well-positioned to be a preferred banking partner for implementing Bitcoin ETFs in everyday financial transactions with its clients.

As of the latest update, Bitcoin is currently valued at $42,065.54. Despite a minor dip in the past 24 hours, the news of BlackRock’s collaboration with JPMorgan has sparked a modest recovery, pushing BTC prices back above $42,000. This positive momentum follows a brief downturn when Bitcoin dipped to $41,800 just hours before the announcement.