Goldman Sachs Set to Become Authorized Participant in BlackRock and Grayscale’s Bitcoin ETFs: Report
Goldman Sachs is expected to be the latest financial institution to take on the role of authorized participant (AP) in two key Bitcoin ETFs, according to a new report.
The report, published by CoinDesk early Wednesday afternoon, claims insider sources allege that the investment bank is looking to play a prominent role in both BlackRock and Grayscale’s potential upcoming Bitcoin ETFs.
Should Goldman Sachs go on to become an AP for the hopeful Bitcoin ETFs, they would join a number of firms including Jane Street, JPMorgan, and Cantor Fitzgerald who have already expressed interest in serving as APs for Bitcoin ETF applicants themselves.
News of Goldman Sachs’ interest in the Bitcoin ETF realm follows shortly after the cryptocurrency experienced a turbulent morning which saw its value drop by an estimated 8%.
The sudden dip in Bitcoin’s value came amidst a new report from investment services provider Matrixport which suggested the U.S. Securities and Exchange Commission (SEC) would come to reject all spot Bitcoin ETF hopefuls.
“While we have seen frequent meetings between the ETF applicants and staff from the SEC, which resulted in the applicants refiling their applications, we believe all applications fall short of a critical requirement that must be met before the SEC approves,” the Matrixport analysis states. “This might be fulfilled by Q2 2024, but we expect the SEC to reject all proposals in January.”
The organization’s report prompted a wave of backlash across social media, with many users calling for an investigation into the investment services provider for market manipulation.
While on holiday, I have more time than usual for writing.
Matrixport, a small private firm based in Asia, is a considerable distance from New
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