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Investment bank Goldman Sachs (NYSE:GS) is in talks to become an Authorized Participant (`) for the spot Bitcoin exchange-traded funds (BTC-USD) that Grayscale Investments and BlackRock (BLK) plan to market in the US a media report from Wednesday.
Should it take on this key role, the Wall Street giant would essentially create and redeem ETF shares, ensuring that the products change hands in lockstep with their underlying assets (in this case, Bitcoin (BTC-USD)).
Bitcoin (BTC-USD) itself is off to a volatile start to 2024, as the earliest deadline for the U.S. Securities and Exchange Commission (SEC) to approve a spot Bitcoin is just a week away.
Last month, BlakcRock (BLK), the world's largest asset manager, adjusted its filing to allow cash redemptions, a change that could improve its chances of getting the product approved by the SEC.
Grayscale, meanwhile, is trying to convert its $26 billion Grayscale Bitcoin Trust (OTC:GBTC) into an ETF. According to CoinDesk, last year market makers Jane Street and Virtu Financial (VIRT) were named as proposed APs for the transition.
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