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 Bitcoin ETFs indicates an evolving landscape, potentially reshaping the future of cryptocurrency investments and regulatory dynamics.
Last year, BlackRock made a significant stride in pursuing a Bitcoin ETF by amending its filing and naming JP Morgan Securities and Jane Street as authorized participants. This move marked a crucial step in the ETF application process.
Wall Street Giants Enter Bitcoin ETF Race
Authorized participants act as the liaison between the fund issuer and investors. BlackRock’s decision to enlist JP Morgan Securities and Jane Street underscores the criticality of these entities in streamlining share creation and redemption processes, ultimately enabling investors to enter or exit the fund efficiently, Decrypt reported.
The U.S. Securities and Exchange Commission’s imposed deadline for filing amendments has triggered a flurry of actions within the ETF sphere, with Valkyrie also nominating Jane Street alongside Cantor Fitzgerald as authorized participants.
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 Bitcoin ETFs indicates an evolving landscape, potentially reshaping the future of cryptocurrency investments and regulatory dynamics.
Last year, BlackRock made a significant stride in pursuing a Bitcoin ETF by amending its filing and naming JP Morgan Securities and Jane Street as authorized participants. This move marked a crucial step in the ETF application process.
Wall Street Giants Enter Bitcoin ETF Race
Authorized participants act as the liaison between the fund issuer and investors. BlackRock’s decision to enlist JP Morgan Securities and Jane Street underscores the criticality of these entities in streamlining share creation and redemption processes, ultimately enabling investors to enter or exit the fund efficiently, Decrypt reported.
The U.S. Securities and Exchange Commission’s imposed deadline for filing amendments has triggered a flurry of actions within the ETF sphere, with Valkyrie also nominating Jane Street alongside Cantor Fitzgerald as authorized participants.