Grayscale Investments in Blockchain Discussions
Grayscale Investments is in talks with JPMorgan and Goldman Sachs to become authorized participants for its proposed spot Bitcoin ETF (exchange-traded fund), Bloomberg reported. Grayscale held talks with both investment banks regarding the role, a Bloomberg story said on Jan. 4, citing a person familiar with the matter.
Goldman Sachs Discusses ETF Role with Grayscale
Goldman Sachs has also entered into a discussion with BlackRock, the biggest asset manager in the world, to become an authorized participant for its ETF, according to sources familiar with the matter, CoinDesk reported. BlackRock previously amended its S-1 filing to name Jane Street and JPMorgan as authorized participants.
Crypto Giants Await Spot Bitcoin ETF Approval
Goldman Sachs has historically maintained a neutral stance towards cryptocurrencies and the digital asset space. In an interview, on Dec. 27, head of digital assets Matthew McDermott that a Bitcoin ETF approval would enable the crypto market to mature. He also shared his belief that it would invite increased institutional investment into the digital asset sector.
ETF Approval on the Horizon
A spot Bitcoin ETF has never been approved in the US, but Bloomberg Intelligence ETF analyst James Seyffart predicts that there is a 90% chance ETFs will be approved before Jan. 10.
Hot Take
It’s likely we’ll soon see Grayscale and Goldman Sachs emerge as authorized participants for spot Bitcoin ETFs, facilitating greater institutional investment in crypto markets and maturing the digital asset sector. Once approved, these ETFs could have a significant impact on crypto markets.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.