On December 30, the CEO of Grayscale reportedly announced that it had already designated Jane Street Capital and Virtu Americas as the Authorized Participants (APs) for converting its Grayscale Bitcoin Trust (GBTC) into a spot exchange-traded fund (ETF). This was stated in the documents that Grayscale submitted in May of 2023.
An AP is a key player in the creation and redemption process for ETFs, and Grayscale's choice of Jane Street Capital, a quantitative trading firm, and Virtu Americas, a global market maker, indicates the firm's expectations for robust liquidity in their proposed spot Bitcoin ETF.
