Trading · authorized participants (APs) · ranked by dollars created and redeemed

Most active authorized participants (APs) for crypto ETFs

In Form N-CEN periods ending Dec 31, 2025 to Jun 30, 2026, Jane Street Capital, LLC created and redeemed more shares of crypto ETFs than any other AP, $1.9bn. That is 29.5% of the $6.4bn that 10 active APs created and redeemed across 10 funds.

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Most active authorized participants (APs) for crypto ETFs
#FirmWhat it isETFs servedActive inCreatedRedeemedCreated and redeemed ↓ShareOnly active AP in
1Jane Street Capital, LLCA quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options.99$889m$986m$1.9bn29.5%0
2Goldman Sachs & Co. LLCThe US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York.109$1.2bn$533m$1.7bn26.6%0
3J.P. Morgan Securities LLCThe US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets.62$841m$211m$1.1bn16.6%0
4Virtu Americas LLCA Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues.98$734m$59.1m$793m12.5%0
5ABN AMRO Clearing USA LLCThe US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders.53$280m$77.2m$357m5.6%0
6Macquarie Capital (USA) Inc.The US arm of Macquarie Capital, Macquarie Group's advisory, capital markets and investing business.86$251m$105m$356m5.6%0
7Merrill Lynch, Pierce, Fenner and Smith IncorporatedThe broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America.33$122m$108m$229m3.6%0
8Merrill Lynch Professional Clearing Corp.A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders.21$1.4m$602k$2.0m0.0%0
9BofA Securities, Inc.The US securities arm of Bank of America, serving institutional clients in banking, trading and research.41$1.5m$0$1.5m0.0%0
10Mirae Asset Securities (USA) Inc.The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution.51$0$1.3m$1.3m0.0%0
Most active authorized participants (APs) for crypto ETFs, ranked by the dollars of shares each created and redeemed, in Form N-CEN periods ending Dec 31, 2025 to Jun 30, 2026. Share is of all APs’ dollars in these funds. Source: ETFIQ from Form N-CEN.

Questions people ask

Who is the largest authorized participant (AP) for crypto ETFs?

Jane Street Capital, LLC, which created $889m and redeemed $986m of crypto ETFs shares in Form N-CEN periods ending Dec 31, 2025 to Jun 30, 2026, 29.5% of all AP dollars in them.

Which firms create and redeem the most crypto ETFs?

In order: Jane Street Capital, LLC, $1.9bn; Goldman Sachs & Co. LLC, $1.7bn; J.P. Morgan Securities LLC, $1.1bn; Virtu Americas LLC, $793m; ABN AMRO Clearing USA LLC, $357m.

Method

Every row is one authorized participant (AP) listed in item E.2 of an ETF’s latest Form N-CEN, with the dollars of the fund’s shares it purchased from the fund (created) and redeemed in the fund’s reporting period, as filed. A fund’s period is its own fiscal year, or less where the filing says so, so a firm’s total adds periods that end on different days. Rows are grouped into firms by the identifiers each row carries: the CRD number first, the SEC file number and LEI where the CRD is missing or typed wrong, never by name. 71 of 75,056 rows carry a CRD their file number and LEI place on another firm, and are counted there.

The rest of the method

A firm’s name is its registration on the SEC’s list of active broker-dealers where it is on it. Spot crypto and commodity trusts and ETNs file no N-CEN and are not here.

How these figures are computed →Standards and sources →
Where to next
Most active APs for U.S. stock ETFs→Most active APs for international stock ETFs→Most active APs for sector stock ETFs→Most active APs for bond ETFs→Most active APs for commodity ETFs→Most active APs for allocation ETFs→Most active APs for buffer ETFs→Most active APs for income ETFs→Most active APs for theme ETFs→Most active APs for leveraged and inverse ETFs→Most active APs for alternative ETFs→Every ETF authorized participant (AP)→The most active APs→Most active APs for U.S. stock ETFs→Most active APs for international stock ETFs→Most active APs for sector stock ETFs→Most active APs for bond ETFs→ETF lead market makers (LMMs)→How the AP list is built→The open data file→Fund flows→
Where these figures came from
SEC Form N-CEN data sets, the source of every AP row ↗Form N-CEN, item E.2: each authorized participant and its dollars ↗SEC list of active broker-dealers, the source of each firm’s registered name ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A list of firms is not a rating or a recommendation.

Questions people ask

Who is the largest authorized participant (AP) for crypto ETFs?

Jane Street Capital, LLC, which created $889m and redeemed $986m of crypto ETFs shares in Form N-CEN periods ending Dec 31, 2025 to Jun 30, 2026, 29.5% of all AP dollars in them.

Which firms create and redeem the most crypto ETFs?

In order: Jane Street Capital, LLC, $1.9bn; Goldman Sachs & Co. LLC, $1.7bn; J.P. Morgan Securities LLC, $1.1bn; Virtu Americas LLC, $793m; ABN AMRO Clearing USA LLC, $357m.

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ETFIQ, Most active authorized participants (APs) for crypto ETFs, data as of Sep 23, 2026. https://etfiq.com/trading/authorized-participants/most-active/crypto-etfs/

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Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.