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Grayscale Investments left the crypto community baffled by omitting details on the authorized participant (AP) in its amended spot Bitcoin exchange-traded fund (ETF) application Tuesday, despite naming Jane Street and Virtu Financial as its APs earlier.

Like other hopeful spot Bitcoin ETF issuers, Grayscale submitted its latest prospectus, although it left out the fee structure and authorized participants.

It may be recalled that a few days ago, Grayscale CEO Michael Sonnenshein shared about being in the game for a long time and having APs lined up since 2017.

The latest absence of both Jane Street and Virtu Financial is noteworthy, given the firm said last year it would work with these two if the U.S. Securities and Exchange Commission (SEC) approved the conversion of its Grayscale Bitcoin Trust (GBTC) into an ETF.

The omitted details piqued curiosities, particularly that of Bloomberg Intelligence senior ETF analyst Eric Balchunas, who wondered why Grayscale left them out despite knowing that the SEC requires these details.

"New Grayscale amendment just dropped. Clear language on cash only but still no AP named, just blanks where name should go. Not sure why since SEC wants to see it and they have been pretty cocksure about having one. Also, nothing on fee (that I could see). That's big open q too," Balchunas said.

Grayscale's latest spot Bitcoin ETF amendment includes the addition of new exhibits, but it did not modify any existing elements of its proposal.

Moreover, the language used on cash-only orders in the Bitcoin ETF is now more explicit, reflecting Grayscale's willingness to comply with the mandates of the major Wall Street regulator.

Also, the latest filing by Grayscale made it clear that APs of its proposed spot Bitcoin ETF would be limited to cash transactions for purchasing and redeeming shares.

"The Authorized Participant will deliver only cash to create Shares and will receive only cash when redeeming Shares," Grayscale's latest SEC filing read.

"The Authorized Participants will not directly or indirectly purchase, hold, deliver, or receive Bitcoins as part of the creation or redemption process or otherwise direct the Trust or a third party with respect to purchasing, holding, delivering, or receiving Bitcoins as part of the creation or redemption process," the filing added.

Bitcoin was trading in the green zone at $45,098.20 with a 24-hour trading volume up by 127.70% at $40.3 billion as of 6:38 p.m. ET on Tuesday.

Bitcoin's latest price action represents a 3.63% increase in its value in the past 24 hours and a 6.16% gain over the last seven days.

Data from CoinMarketCap shows that Bitcoin's circulating supply stands at 19.59 million BTC and its market capitalization is at $882.99 billion.