As the clock ticks down to the January deadline for the Securities and Exchange Commission to approve, deny, or delay its decision on spot Bitcoin ETFs, there’s one last hurdle for potential issuers: Authorized participants.

Bloomberg Intelligence analyst Eric Balchunas predicted that each Bitcoin ETF hopeful will need to have explicit authorized participant parameters in its S-1 before it’s considered for approval.

“This is no easy last step, and may keep some from [the] starting gate,” Balchunas said Friday on Twitter. He went on to hypothesize that, “AP agreement + cash creates = approval.”

https://twitter.com/EricBalchunas/status/1738287502111244593

The authorized participant wrinkle appears to be another attempt by the SEC to very explicitly spell out who can and who cannot be involved in the creation and redemption of Bitcoin ETF shares—and by extension, who can directly handle BTC.

By definit

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Author: Stacy Elliott

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