BlackRock and Grayscale could add Goldman Sachs as authorized ETF participant BlackRock and Grayscale could add Goldman Sachs as authorized ETF participant
Both firms are seeking spot Bitcoin ETFs that could be approved this month.
1 min read
Updated: Jan. 3, 2024 at 8:22 pm UTC
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Two leading spot Bitcoin exchange-trade fund (ETF) applicants could add Goldman Sachs in a key role, CoinDesk reported on Jan. 3.
The crypto news site said that Grayscale and BlackRock could both add Goldman Sachs as an authorized participant. That role would see Goldman Sachs create and redeem shares for each spot Bitcoin ETF based on market demand.
The addition of Goldman Sachs is unverified. The involved companies have not publicly announced those additions or included Goldman Sachs in their filings, and Coindesk only stated that anonymous sources provided the information. Separate reports from Reuters state that Goldman Sachs and BlackRock declined to comment and that Grayscale did not immediately respond.
Regardless, Goldman Sachs is among the world’s thirty largest banks, meaning that it would be a major addition to any ETF provider’s offering.
Some authorized providers are known
Some ETF applicants have already named other authorized providers. BlackRock named Jane Street Capital and JPMorgan as authorized providers in a recent filing, while Valkyrie named Jane Street Capital and Cantor Fitzgerald.
In other amendments, Invesco listed Virtu and JPMorgan as authorized providers, while WisdomTree and Fidelity listed Jane Street Capital in the role. Grayscale, notably, omitted the names of authorized providers from its latest amendment but is expected to rely on Jane Street and Virtu based on 2022 reports.
The above names are not an exhaustive list. Coindesk suggested, based on statements from a source at a major trading firm, that each spot Bitcoin ETF could have between five and 10 authorized providers.
The U.S. Securities and Exchange Commission (SEC) must reach a decision on a spot ETF application from Ark Invest and 21Shares by Wednesday, Jan. 10. Many experts believe that the SEC will approve multiple ETFs at that time, though some believe an earlier approval by Friday, Jan. 5 is possible.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Goldman Sachs
Goldman Sachs a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
