Goldman Sachs is reportedly in discussions to serve as an authorized participant for
BlackRock and Grayscale’s proposed bitcoin exchange-traded funds (ETFs),
pending SEC approval, Coindesk reported, citing unidentified sources.
This potential involvement signifies a significant
shift for big U.S. banks traditionally steering clear of direct cryptocurrency
engagement. The role of an authorized participant, who is responsible for
creating and redeeming ETF shares to maintain synchronization with their
underlying assets, is fundamental in the functioning of ETFs.
This move positions Goldman Sachs among several
financial giants, including JPMorgan Chase, Jane Street, and Cantor Fitzgerald,
planning to participate in the much-anticipated Bitcoin ETFs.
As the story unfolds, Goldman Sachs remains
tight-lipped about its potential involvement, while BlackRock and Grayscale
declined to comment. Nevertheless, the entry of financial titans like Goldman
Sachs into the realm of bitcoin ETFs indicates an evolving landscape,
potentially reshaping the future of cryptocurrency investments and regulatory
dynamics.
Expect more updates as this story evolves.
Goldman Sachs is reportedly in discussions to serve as an authorized participant for
BlackRock and Grayscale’s proposed bitcoin exchange-traded funds (ETFs),
pending SEC approval, Coindesk reported, citing unidentified sources.
This potential involvement signifies a significant
shift for big U.S. banks traditionally steering clear of direct cryptocurrency
engagement. The role of an authorized participant, who is responsible for
creating and redeeming ETF shares to maintain synchronization with their
underlying assets, is fundamental in the functioning of ETFs.
This move positions Goldman Sachs among several
financial giants, including JPMorgan Chase, Jane Street, and Cantor Fitzgerald,
planning to participate in the much-anticipated Bitcoin ETFs.
As the story unfolds, Goldman Sachs remains
tight-lipped about its potential involvement, while BlackRock and Grayscale
declined to comment. Nevertheless, the entry of financial titans like Goldman
Sachs into the realm of bitcoin ETFs indicates an evolving landscape,
potentially reshaping the future of cryptocurrency investments and regulatory
dynamics.
Expect more updates as this story evolves.
