Bitcoin ETF Race: 6 Companies Are Preparing for Approval!

With the recent developments in the cryptocurrency space, several key players have made significant strides in the race for the first spot Bitcoin Exchange-Traded Fund (ETF) in the United States. BlackRock and Valkyrie, the leading applicants, signaled preparations for potential approval by identifying their authorized participants (APs). In addition, other major contenders such as Invesco Galaxy, WisdomTree, Fidelity, and Bitwise have also filed amended filings with the Securities and Exchange Commission (SEC) outlining unique strategies and partnerships.

BlackRock and Valkyrie form new partnership

BlackRock, a pioneer in the financial sector, has partnered with JP Morgan and Jane Street as authorized participants for potential Bitcoin ETFs, according to recent filings. The move has raised eyebrows, especially given JP Morgan CEO Jamie Dimon's recent strong negative stance on Bitcoin. Another prominent applicant, Valkyrie, also listed Jane Street and Cantor Fitzgerald as its authorized exhibitors, demonstrating the industry's tendency to include multiple participants.

### Some files have been altered

The altered files reveal different strategies among the contestants. Invesco Galaxy, for example, has shown its commitment to attracting investors by waiving fees and the initial $5 billion for the first six months. In particular, it has identified Virtu and JPMorgan as its authorized participants. WisdomTree and Fidelity showcase their competitive fee structure in their application and chose Jane Street as their AP.

Bitwise makes $200 million Bitcoin ETF move

While Bitwise has yet to disclose its authorized participant, it has set aside an impressive $200 million to seed its ETF, surpassing BlackRock's known seed capital of $10 million. BlackRock's inclusion of J.P. Morgan as AP is particularly noteworthy given Dimon's recent critical comments on cryptocurrency. This move, along with the fact that JPMorgan's role brings credibility and stability to the backed ETFs, highlights the divergence between corporate operations and leadership's public views.

### What's the latest on the price of Bitcoin?

Bitcoin advocate Nic Carter predicts a nearly 100% jump in the price of Bitcoin by 2024 if the SEC approves spot Bitcoin ETF applications. Carter emphasizes a more measured trajectory, warning against widespread expectations of a sudden rise in prices following ETF approval.

With the SEC set to rule on spot Bitcoin ETFs between Jan. 5 and Jan. 10, major players in the cryptocurrency space are actively positioning themselves, securing authorized participants, and announcing various strategies. The consequences of these developments could have a profound impact on the cryptocurrency market, affecting both investor sentiment and the future trajectory of Bitcoin prices.

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