Jane Street named as authorized participant by all 11 bitcoin ETF hopefuls

Jane Street and Macquarie Capital are among the most listed authorized participants according to amendments from potential bitcoin ETF issuers

article-image

Jane Street and Adobe Stock modified by Blockworks

share

Potential ETF issuers are in a race to the finish line — if the Securities and Exchange Commission approves the ETFs, of course. 

On Monday, most of the prospective funds filed updated S-1s with the SEC. While the S-1s aren’t indicative of approval and aren’t even the final step in the ETF process for these firms, they give a glimpse into who’s involved in the funds and what fees they plan to charge. 

A detail seen as important as the race hits the home stretch are authorized participants. An authorized participant is able to both create and redeem shares of an ETF, which can then be exchanged for either a basket of securities reflecting the holdings of the ETF or for cash. 

On Friday, the stock exchanges tapped by the potential bitcoin ETFs — Cboe, Nasdaq and NYSE — filed updated 19b-4s on behalf of the proposals. The updates come as industry watchers look ahead to Jan. 10: the SEC’s deadline to make a decision on the proposed ETF by Ark 21Shares.

At the end of December, a number of the final bitcoin ETF hopefuls named APs in amended disclosure filings. However the most recent amendments give a fuller picture of who plans to be involved with these ETFs if they launch.

Read more: Bitcoin ETF planned fees revealed: BlackRock goes low, Grayscale stays high

Jane Street was named either initially or in the amended filing by every single potential issuer. Even Hashdex, which hasn’t filed an amendment yet, will tap Jane Street as an AP, a person familiar with Hashdex’s filing told Blockworks. 

The company declined to comment. 

There are 11 proposals to launch funds once the SEC signs off — if the agency chooses to give them a green light. That includes Hashdex, BlackRock, Ark 21Shares, Invesco Galaxy, Bitwise, VanEck, Valkyrie, Fidelity, Franklin Templeton, Grayscale and WisdomTree.

The world’s largest asset manager, BlackRock, named JPMorgan Securities, Virtu Americas and Macquarie Capital as APs outside of Jane Street. Ark 21Shares also named Virtu and Macquarie.

Grayscale said Macquarie — obviously another popular AP among the bunch — will act as an AP alongside Virtu, Jane Street and ABN AMRO. Bitwise, WisdomTree named three: Virtu, Macquarie and Jane Street.

VanEck also tapped Virtu and ABN AMRO. 

Invesco, which previously disclosed JPMorgan Securities and Virtu, named Jane Street and Marex in its newest amendment. Fidelity follows in similar steps with four APs, though it named Macquarie instead of Marex.

Valkyrie’s APs remained unchanged in its newest amendment, with the firm only disclosing Jane Street and Cantor Fitzgerald. Franklin Templeton also only named two — though Monday’s amendment was the first time the firm disclosed APs. It listed Virtu alongside Jane Street.

Ben Strack contributed reporting.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit

article-image

The Boston Globe reports that lawyer John Deaton is weighing a possible bid