Investment management firm BlackRock and Wall Street giant JPMorgan have reportedly asked employees to prepare for the impending spot approval of a Bitcoin ETF from the U.S. Securities and Exchange Commission (SEC). BlackRock previously named JPMorgan as the Lead Authorized Participant (AP) in its recent ETF application.
Also read: Cryptocurrency transactions over $10,000 will face increased scrutiny from the IRS under new US rules
Advantages of BlackRock, JP Morgan, and Bitcoin ETFs
When BlackRock chose JPMorgan as an authorized participant, the crypto community recalled the Wall Street bank's CEO Jamie Dimon calling for a ban on the use of Bitcoin in the United States, calling it “ironic.'' ” he criticized. Attorney John Deaton, who is representing XRP token holders in the Ripple lawsuit against the SEC, says that while people like Dimon exist, companies like BlackRock have been in the crypto market before the SEC opens its doors to regulatory guidance. He reiterated his previous position that he wanted to capture a share of the market. He criticized the crypto space.
Meanwhile, it remains to be seen whether BlackRock will be able to compete with crypto-focused players like Grayscale, aiming to replicate its dominance in the Bitcoin ETF space. The investment manager handles approximately $9 trillion worth of assets for clients around the world.
BTC price target
Meanwhile, Bitcoin (BTC) price is up 7% over the past seven days, showing signs of bullish momentum. It remains to be seen whether BTC price will reach the psychologically important milestone of $50,000 ahead of the Spot Bitcoin ETF approval period, expected from January 8th to 10th, 2024.
Also read: Bitcoin ETF: How will BlackRock balance market power and fees?
