Crypto industry commentators are lambasting Jamie Dimon after JPMorgan was named by BlackRock as its authorized participant for the asset manager’s yet-to-be-greenlighted spot Bitcoin exchange-traded fund (ETF), given the CEO’s infamous criticism of the premier cryptocurrency.
JPMorgan Named As Authorized Participant
Wall Street giant BlackRock dropped its updated Form S-1 application on Friday — the last day that applicants could do so — naming banking giant JP Morgan Securities and quantitative trading company Jane Street as authorized participants (APs).
An authorized participant is an organization that works with the exchange-traded fund (ETF) issuer to create and redeem shares of the fund. This is an important role in the ETF business as it involves ensuring ETF prices stay closely tied to the value of their underlying assets, in this…
