Two spot bitcoin exchange-traded fund (ETF) applicants, BlackRock and Valkyrie, have named two authorized participants (AP) for their yet-to-be-approved ETF, filings show.

BlackRock was the first applicant to announce who will acquire the bitcoin on behalf of BlackRock, which is not legally allowed to purchase the cryptocurrency itself. The asset manager has teamed up with J.P. Morgan and quantitative trading firm Jane Street, a filing shows. Valkyrie has also named Jane Street in addition to Cantor Fitzgerald as AP, another filing shows. Many ETF issuers will likely have multiple authorized participants.

Both applicants filed an updated S-1 form with the Securities and Exchange Commission (SEC) on Friday – the last day that applicants can do so – being the only ones so far to do so. However, applicants aren’t required to name their authorized participants in their S-1 filing.

Some industry experts were surprised to see J.P. Morgan was named in BlackRock’s filing, given CEO Jamie Dimon’s strong negative stance on bitcoin and the crypto sector in general. Just earlier this month, Dimon said he would ban crypto if he were the government and is “deeply opposed” to the asset class.

The SEC is expected to make a decision on whether or not it will approve a spot bitcoin ETF between January 5 and 10.

JPMorgan CEO's Bitcoin Bashing Is a 'Do as I Say, Not as I Do' Situation

JPMorgan Chase CEO Jamie Dimon has dumped on cryptocurrencies for years.

"I've always been deeply opposed to crypto, bitcoin, etc.," he said during a U.S. Senate hearing this month. "The only true use case for it is criminals," he added. "If I was the government, I'd close it down."

But this reprimand and the ones that preceded it are now very much a "do as I say, not as I do" situation. That's because JPMorgan is going deeper into crypto. On Friday, it was revealed that the bank will play a key role for BlackRock's proposed bitcoin (BTC) ETF.

JPMorgan will be one of its authorized participants if the ETF is approved, which involves "ensuring that ETF prices are accurate, and that trading is smooth, in all market conditions," according to BlackRock. In the multi-trillion-dollar ETF industry, few jobs are more important than the one JPMorgan will play for BlackRock's product.

Given Dimon's stance, if this isn't hypocrisy, it's close.