Goldman Sachs Eyeing Bitcoin ETF Role Via BlackRock and Grayscale: Sources
Goldman Sachs is in talks to become an authorized participant for bitcoin ETFs sought by BlackRock and Grayscale in the U.S. This role involves creating and redeeming ETF shares to ensure they track underlying assets. Major finance firms like JPMorgan Chase and Cantor Fitzgerald are also taking on this role for other companies seeking SEC approval for bitcoin ETFs. The adoption of a cash-based mechanism for handling bitcoin backing the shares has invited big U.S. banks, traditionally avoiding cryptocurrencies, to join the bitcoin ETF market. BlackRock and Grayscale, the companies seeking the ETFs, are major players in the finance industry. Grayscale, which won a court battle against the SEC, aims to convert its bitcoin trust into an easier-to-trade ETF. Goldman Sachs, BlackRock, and Grayscale declined to comment on the matter.
