# Top Authorized Participants (APs) for Crypto ETFs

> Jane Street Capital, LLC created and redeemed more shares of crypto ETFs than any other authorized participant (AP), $1.9bn, by their Form N-CEN.

Data as of Sep 23, 2026. Rebuilt every trading night.

As of Sep 23, 2026 . From each ETF’s latest Form N-CEN.

## 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.

| # | Firm | What it is | ETFs served | Active in | Created | Redeemed | Created and redeemed | Share | Only active AP in |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | Jane Street Capital, LLC | A quantitative trading firm that provides liquidity to markets worldwide, trading stocks, bonds and options. | 9 | 9 | $889m | $986m | $1.9bn | 29.5% | 0 |
| 2 | Goldman Sachs & Co. LLC | The US broker-dealer of Goldman Sachs, a global investment bank and asset manager headquartered in New York. | 10 | 9 | $1.2bn | $533m | $1.7bn | 26.6% | 0 |
| 3 | J.P. Morgan Securities LLC | The US broker-dealer of JPMorganChase, serving corporate, institutional and government clients in investment banking and markets. | 6 | 2 | $841m | $211m | $1.1bn | 16.6% | 0 |
| 4 | Virtu Americas LLC | A Virtu Financial broker-dealer that makes markets and provides execution services across global securities venues. | 9 | 8 | $734m | $59.1m | $793m | 12.5% | 0 |
| 5 | ABN AMRO Clearing USA LLC | The US clearing firm of ABN AMRO Clearing, clearing stocks, options and futures for professional traders. | 5 | 3 | $280m | $77.2m | $357m | 5.6% | 0 |
| 6 | Macquarie Capital (USA) Inc. | The US arm of Macquarie Capital, Macquarie Group's advisory, capital markets and investing business. | 8 | 6 | $251m | $105m | $356m | 5.6% | 0 |
| 7 | Merrill Lynch, Pierce, Fenner and Smith Incorporated | The broker-dealer behind Merrill's wealth management and investment advisory business, owned by Bank of America. | 3 | 3 | $122m | $108m | $229m | 3.6% | 0 |
| 8 | Merrill Lynch Professional Clearing Corp. | A BofA Securities subsidiary that cleared options and equities trades for market makers and professional traders. | 2 | 1 | $1.4m | $602k | $2.0m | 0.0% | 0 |
| 9 | BofA Securities, Inc. | The US securities arm of Bank of America, serving institutional clients in banking, trading and research. | 4 | 1 | $1.5m | $0 | $1.5m | 0.0% | 0 |
| 10 | Mirae Asset Securities (USA) Inc. | The US broker-dealer of South Korea's Mirae Asset, offering clearing, prime brokerage, securities lending and execution. | 5 | 1 | $0 | $1.3m | $1.3m | 0.0% | 0 |

### 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. 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.

### Where to next

### Where these figures came from

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. ETFIQ is an independent publisher, not an adviser. Standards and sources

---

Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: 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/
Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/trading/authorized-participants/most-active/crypto-etfs/