According to Coinbrit, which cited anonymous sources, investment company Goldman Sachs is in discussions with BlackRock and Grayscale Investments regarding taking a leading position in their proposed spot bitcoin exchange-traded funds (ETFs).
Goldman Sachs would be “permitted to purchase and redeem shares directly from the ETF,” according to a document from the Securities and Exchange Commission, if it is approved to act as a “authorized participant” in the spot bitcoin ETFs offered by BlackRock and Grayscale Investments.
The SEC has not yet approved any spot bitcoin ETFs, but analysts predict the agency will make a decision somewhere between January 8 and January 10. Approval would also be required for Goldman Sachs’s involvement as an approved participant.
Some claim that the approval of ETFs is imminent because traditional financial institutions, who wield significant political weight, are becoming more interested in the new financial instrument based on cryptocurrency.
Jane Street Capital and JP Morgan have been added to BlackRock’s amended SEC spot bitcoin ETF filing as possible approved participants as of the end of the previous year. As The Block previously noted, this was a clue that spot bitcoin ETFs will probably be allowed.
June 2023 saw the filing for a spot bitcoin ETF by BlackRock, the largest asset manager in the world.