As prospective issuers for a spot Bitcoin ETF race toward a finish line, one name has been notably absent: Jump, a trading firm closely associated with the crypto industry. While other market-making firms like Jane Street and Virtu have partnered with issuers to play a key role known as an authorized participant, Jump declined to be involved.
The decision follows a tumultuous two years for Jump, which included its involvement with the notorious digital asset firm Terraform Labs and a massive hack of one of its crypto projects, Wormhole. According to people familiar with the matter, Jump's decision to shy away from the emerging Bitcoin ETF industry reflects a broader strategic retreat from the crypto space where it was once omnipresent.
