According to Blockworks, potential ETF issuers have filed updated S-1s with the Securities and Exchange Commission (SEC) on Monday, providing insights into the authorized participants and fees they plan to charge. Authorized participants are crucial in the ETF process as they can create and redeem shares of an ETF, which can then be exchanged for a basket of securities reflecting the ETF's holdings or for cash. The stock exchanges selected by the potential bitcoin ETFs, including Cboe, Nasdaq, and NYSE, filed updated 19b-4s on behalf of the proposals on Friday.
The SEC's deadline to make a decision on the proposed ETF by Ark 21Shares is January 10. At the end of December, several final bitcoin ETF hopefuls named authorized participants in amended disclosure filings. The most recent amendments provide a clearer picture of who plans to be involved with these ETFs if they are approved. Jane Street was named as an authorized participant by every potential issuer, including Hashdex, which has not yet filed an amendment.
There are 11 proposals to launch funds once the SEC approves them, including those from Hashdex, BlackRock, Ark 21Shares, Invesco Galaxy, Bitwise, VanEck, Valkyrie, Fidelity, Franklin Templeton, Grayscale, and WisdomTree. BlackRock named JPMorgan Securities, Virtu Americas, and Macquarie Capital as authorized participants in addition to Jane Street. Ark 21Shares also named Virtu and Macquarie, while Grayscale listed Macquarie, Virtu, Jane Street, and ABN AMRO. Bitwise and WisdomTree named Virtu, Macquarie, and Jane Street, while VanEck tapped Virtu and ABN AMRO. Invesco named Jane Street and Marex in its latest amendment, while Fidelity named Macquarie instead of Marex. Valkyrie's authorized participants remained unchanged, with Jane Street and Cantor Fitzgerald, and Franklin Templeton listed Virtu alongside Jane Street.
