In the latest developments regarding the proposed spot Bitcoin exchange-traded fund (ETF) applications, both BlackRock and Valkyrie have announced their authorized participants (APs) in recent filings.

According to the filings submitted with the Securities and Exchange Commission (SEC), BlackRock, as the first applicant, has revealed that J.P. Morgan and Jane Street will serve as its authorized participants. Similarly, Valkyrie has named Jane Street along with Cantor Fitzgerald as their authorized participants.

Authorized participants are responsible for acquiring Bitcoin on behalf of the ETF issuers since these firms are not legally allowed to purchase the cryptocurrency directly. It is common for ETF issuers to have multiple authorized participants.

The announcement of J.P. Morgan as an authorized participant for BlackRock's Bitcoin ETF raised eyebrows among industry experts. This is because J.P. Morgan's CEO, Jamie Dimon, is known for his critical stance towards Bitcoin and the crypto sector. Notably, Dimon recently expressed his opposition to cryptocurrencies and even stated he would ban them if he had the authority.

Both BlackRock and Valkyrie filed updated S-1 forms with the SEC on the final day allowed for submission. While the disclosure of authorized participants is not mandatory in the filings, these ETF applicants chose to provide this information.

The SEC is expected to make a decision regarding the approval of a spot Bitcoin ETF between January 5 and 10, 2025.

These developments come amidst the growing interest in Bitcoin ETFs, which are anticipated to bring increased accessibility and institutional participation in the crypto market.

Investors and industry observers are eagerly awaiting the SEC's decision, as the approval of the first spot Bitcoin ETF in the United States could potentially pave the way for further adoption and mainstream acceptance of cryptocurrencies.

It should be noted that this news update is provided by CoinDesk, a trusted and award-winning media outlet specializing in cryptocurrency, digital assets, and the future of money. CoinDesk operates independently under the ownership of Bullish Group, which has ties to blockchain and digital asset businesses.