Eric Balchunas: If the SEC approves such a product as a spot Bitcoin ETF, disclosing the AP is one of the last steps before launch

Bloomberg analyst Eric Balchunas said that disclosing authorized participants (AP) is one of the final steps before launching a spot Bitcoin ETF, if approved by the US Securities and Exchange Commission. So far, Fidelity, Invesco, Valkyrie, and WisdomTree have designated APs for their proposed spot Bitcoin ETFs, along with BlackRock. Fidelity has designated Jane Street and JPMorgan Securities as its AP, matching BlackRock's earlier selection. Valkyrie has designated Jane Street and Cantor Fitzgerald as its AP, while WisdomTree has also designated Jane Street for the role. Meanwhile, Invesco plans to use JPMorgan Securities and Virtu Securities as its proposed Bitcoin fund's AP. However, Bitwise, VanEck, Ark Invest, and 21Shares did not mention APs or expense ratios in their revised S-1s this week.