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NEW YORK – JPMorgan Chase has entered the cryptocurrency industry as an authorized participant in the Bitcoin Spot exchange-traded fund (ETF) offered by BlackRock, a recent S-1 filing with the Securities and Exchange Commission revealed and Exchange Commission (SEC) of the United States. This development is notable because it contrasts with CEO Jamie Dimon’s criticism of cryptocurrencies and his suggestion that they be banned by the government.
The move signifies a pivotal shift in the financial industry’s stance towards digital assets, with JPMorgan now aligning itself with other traditional financial players such as Jane Street and Cantor Fitzgerald in the crypto sector.
As an authorized participant, JPMorgan will have the role of facilitating the creation and redemption of shares of the ETF, which aims to directly track the spot price of bitcoin.
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