Jump Trading is ready to become a market maker for BlackRock's ETF.
Jump Trading is ready to become a market maker for BlackRock's ETF.

Jane Street, Jump Trading, Virtu, and Hudson River Trading are considering the possibility of acting as market makers for BlackRock's spot bitcoin ETF, should it receive approval. This information comes from CoinDesk, which cites sources familiar with the situation.

According to the crypto media outlet, representatives from these companies have been in talks with BlackRock about potentially supporting this product. Market makers play a vital role in the creation and redemption of ETF shares, helping to smooth out discrepancies between the share price and its Net Asset Value (NAV). Journalists highlight that the need for such participation is underscored by the significant discount of GBTC from Grayscale.

The registration of the exchange-traded fund would allow U.S.-based companies such as Jane Street and Jump Trading to effectively return to the "domestic" market. In May, media reports surfaced stating that they had ceased trading in digital assets due to regulatory uncertainty.

Analysts at JPMorgan have previously suggested that the new investment crypto product could be approved "within a few months". They also noted that the SEC did not appeal a court decision in the Grayscale case, which mandated the agency not to obstruct the transformation of the bitcoin trust into an exchange-traded fund.

In July, the SEC began reviewing applications for the launch of spot bitcoin ETFs from BlackRock, VanEck, Invesco, Fidelity Investments, and WisdomTree. Franklin Templeton joined the list later on.

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