Crypto asset manager Grayscale has again amended its Bitcoin exchange-traded fund (ETF) filing with the Securities and Exchange Commission—but there is an important part missing.

In the latest amendment, Grayscale has not mentioned who will partner with the firm as an authorized participant. 

In the world of ETFs, an authorized participant is the organization that works to create and redeem shares of a fund so that an investor can cash out. 

The SEC doesn’t usually put a lot of pressure on issuers of ETFs tied to more traditional assets to explicitly name authorized participants in their applications as a prerequisite for approval. But it’s been flagged as an important step for all the firms vying to launch a Bitcoin ETF.

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Author: Mathew Di Salvo

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