Goldman Sachs wants to act as an authorized participant in BlackRock & Grayscale’s Spot Bitcoin ETF.

CoinDesk reports that financial giant Goldman Sachs is in preliminary discussions to secure a pivotal role as an approved participant (AP) for a spot Bitcoin exchange-traded fund (ETF) proposed by BlackRock and Grayscale Investments. reported.

According to insider sources, Goldman Sachs is positioned to play a key role in the creation and redemption of shares in the anticipated spot Bitcoin ETF. By acting as an authorized participant, the company is granted the power to facilitate the creation of ETF shares by exchanging ETF shares for the underlying asset (in this case, BTC).

Last week, BlackRock named JP Morgan and Jane Street APs on its spot Bitcoin ETF application. Cantor Fitzgerald is one of the APs mentioned in other applications, and Jane Street also serves as an AP for more issuers. CoinDesk reported, “A source at a major trading firm said he expects each Bitcoin ETF to ultimately have five to 10 APs.”

The move marks a strategic move by Goldman Sachs to solidify its position in the rapidly growing Bitcoin market and capitalize on growing institutional interest in Bitcoin. Our partnership with BlackRock, the world’s largest asset manager, and Grayscale, a prominent digital currency investment firm, amplifies its credibility and potential impact.

Amid ongoing efforts to gain regulatory approval for a spot Bitcoin ETF, this agreement could help create a significant breakthrough in bringing Bitcoin to mainstream investors through traditional investment methods. While regulatory approval has not yet been seen in the past, the participation of established financial institutions such as Goldman Sachs and BlackRock indicates that the market is maturing and acceptance of Bitcoin is growing.

This promising potential AP contract highlights the evolving financial landscape where traditional financial powers are embracing Bitcoin’s potential. With Goldman Sachs likely moving closer to playing a pivotal role in its upcoming Bitcoin ETF, this move could be a transformative step in integrating Bitcoin into institutional portfolios and traditional investment vehicles.