Investment firm Goldman Sachs is discussing potential involvement with BlackRock and Grayscale Investments in their proposed spot bitcoin exchange-traded funds (ETFs), according to CoinDesk. If approved, Goldman Sachs would serve as an “authorized participant” for the ETFs, allowing them to directly purchase and redeem shares from the fund. The Securities and Exchange Commission (SEC) will decide on the approval of spot bitcoin ETFs between January 8 and January 10. With major financial institutions showing interest in these crypto-based financial instruments, many experts believe it is only a matter of time before ETFs are approved.
ETF Anticipation
BlackRock recently updated its spot bitcoin ETF filing with the SEC to include Jane Street Capital and JP Morgan as potential authorized participants, indicating a positive outlook for approval. The world’s largest asset manager filed for a spot bitcoin ETF in June 2023.
About the Author
MK Manoylov has been a reporter for The Block since 2020. They have covered various crypto news topics, with a focus on NFTs, metaverse, web3 gaming, funding, crime, hacks, and the crypto ecosystem. MK holds a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also written for WebMD and Insider.
Hot Take: Traditional Financial Institutions Embrace Crypto
The involvement of investment giants like Goldman Sachs, BlackRock, and Grayscale Investments in spot bitcoin ETFs indicates a growing acceptance of cryptocurrency within traditional financial institutions. While no spot bitcoin ETFs have been approved by the SEC yet, experts predict that it is only a matter of time before they receive regulatory approval. This move could potentially open up new opportunities for investors looking to diversify their portfolios with digital assets. As more established players enter the crypto space, it signals a shift towards mainstream adoption of cryptocurrencies as legitimate investment vehicles.
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