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According to anonymous sources, Goldman Sachs seems interested in securing a role as an Authorized Participant (AP) for Bitcoin spot ETFs, joining the likes of BlackRock and Grayscale. The investment bank is reportedly in negotiations with BlackRock and Grayscale on this matter. JPMorgan Chase was recently designated as an AP for BlackRock's Bitcoin spot ETF, and there are also reports that JPMorgan is in talks with Grayscale to fulfill a similar role for their ETF. It is expected that more major U.S. financial institutions will enter this competition, with each Bitcoin spot ETF designating 5 to 10 APs. Initially, it was anticipated that experienced market makers in the cryptocurrency field, such as Jane Street, Jump Trading, and Virtu, would serve as APs rather than banks. However, BlackRock and Grayscale have modified the Bitcoin spot ETF mechanism, allowing participants to establish new fund shares using cash instead of cryptocurrencies. This change enables U.S. banks, which may not hold Bitcoin independently and are highly regulated, to act as Authorized Participants for Bitcoin spot ETFs, opening the door for major Wall Street players to participate in the cryptocurrency space. As of the time of writing, Goldman Sachs has not responded to requests for comments, while BlackRock and Grayscale have declined to comment. |
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Post time 10-1-2024 11:12:53