According to Coindesk’s news based on anonymous sources, it is offered by Wall Street’s famous investment bank Goldman Sachs, BlackRock and Grayscale. Bitcoin It is in talks to become an “authorized participant” (AP) for its ETFs.
The role of authorized participants is crucial in the multi-trillion-dollar ETF industry. It involves the creation and redemption of ETF shares to ensure products are traded in sync with their underlying assets. Goldman Sachs’ potential involvement joins other financial giants such as JPMorgan Chase, Jane Street and Cantor Fitzgerald, which was recently announced to take on the AP role for several companies seeking Securities and Exchange Commission (SEC) approval to offer Bitcoin ETFs in the US. indicates intention to participate.
It is noteworthy that the companies that Goldman Sachs wants to cooperate with are important players in the sector. BlackRock is the world’s largest asset manager, while Grayscale operates the $26 billion Grayscale Bitcoin Trust, the largest Bitcoin investment vehicle. Grayscale aims to transform its product, currently structured as a trust, into a more easily tradable ETF.
Grayscale, which emerged victorious in a landmark court battle against the SEC, paving the way for its BTC trust to be upgraded to an ETF, had previously named market makers Jane Street and Virtu Financial as proposed authorized participants for the transition to occur.
*This is not investment advice.
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