Goldman Sachs Could Play Key Role in Spot Bitcoin ETF With BlackRock, Grayscale: Report

According to CoinDesk, citing anonymous sources, investment firm Goldman Sachs is in talks with BlackRock and Grayscale Investments to take on a key role in a spot Bitcoin exchange-traded fund (ETF). It is said that they are discussing it.

If approved, Goldman Sachs could act as an “accredited participant” in BlackRock and Grayscale Investments’ spot Bitcoin ETF. That means Wall Street giants “are permitted to purchase and redeem shares directly from ETFs,” the Securities and Exchange Commission explains. document.

No spot Bitcoin ETF has yet been approved by the SEC, but experts suggest regulators will make a decision between January 8 and 10. Goldman Sachs’ role as an authorized participant will also require approval.

As traditional financial institutions, which hold enormous political power, are showing increasing interest in new financial products based on cryptocurrency, some are arguing that ETFs are bound to be approved eventually.

ETF expectations

Late last year, BlackRock updated its spot Bitcoin ETF filing with the SEC to include Jane Street Capital and JP Morgan as potential approved participants. This is a positive sign that a spot Bitcoin ETF is likely to be approved, The Block previously reported.

BlackRock, the world’s largest asset management company, applied for a spot Bitcoin ETF in June 2023.

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