– Several big trading firms are in talks with BlackRock about providing liquidity for its proposed spot Bitcoin exchange-traded fund (ETF).
– The firms involved include Jane Street, Virtu Financial, Jump Trading, and Hudson River Trading.
– Market makers are essential for ETFs to provide liquidity, match buyers and sellers, and create and redeem ETF shares.
– BlackRock and Jane Street declined to comment, while the other firms have not yet responded to requests for comment.
– Jane Street and Virtu Financial have previously expressed support for a separate proposal for a spot Bitcoin ETF.
– The approval of a spot Bitcoin ETF by the SEC is highly anticipated and has been speculated to contribute to the recent rise in Bitcoin’s value.
– BlackRock CEO Larry Fink pointed out the “pent up interest in crypto” after a false news report triggered a Bitcoin price rally.
Major trading firms, including Jane Street, Virtu Financial, Jump Trading, and Hudson River Trading, are reportedly in talks with BlackRock to provide liquidity for its proposed spot bitcoin exchange-traded fund (ETF) if it receives regulatory approval. Market makers are crucial for ETFs as they ensure liquidity and facilitate the buying and selling of ETF shares. BlackRock and Jane Street declined to comment, while Virtu Financial, Jump Trading, and Hudson River Trading have not responded yet. Jane Street and Virtu Financial previously expressed support for a separate proposal for a spot bitcoin ETF. The SEC is currently reviewing BlackRock’s spot bitcoin ETF. The recent price surge in bitcoin following speculation about BlackRock’s ETF demonstrated the growing interest in cryptocurrency. Please note that this summary is provided for informational purposes only and does not constitute legal, tax, investment, financial, or other advice.
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