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Crypto market fluctuations do not seem to be subsiding beyond short-term movements. Liquidity cleanup is complete. The period of January 8-10 remains the favored date range for ETF approval, and discussions with the SEC are ongoing. At the time of writing, Goldman’s plans have been leaked. Sources from within have disclosed important details.
Goldman and Bitcoin
Founded in 1869, the investment bank, one of the world’s largest, is moving to claim its share of the Spot Bitcoin ETF market along with other global giants. JP Morgan and Jane have recently inscribed their names as Authorized Participants in the latest AP agreements. Now, it’s Goldman’s turn.
According to two people familiar with the matter, Wall Street’s high-profile investment bank Goldman Sachs is preparing to play a pivotal role in the US launch of spot Bitcoin ETFs, alongside BlackRock and Grayscale. Last year, Grayscale managed to cut off the SEC’s rejections of ETFs on the grounds of price volatility in court.
Now, everyone is waiting for the approval to come before the end of next week, expecting the SEC to fully capitulate to crypto.
Goldman Sachs and Spot Bitcoin ETF
According to sources who wished to remain anonymous, the company will become an Authorized Participant for exchange-traded funds. The role of AP in the trillion-dollar ETF market is crucial and enables the creation and redemption of ETF shares. On December 29, we saw that JPMorgan Chase, Jane Street, and Cantor Fitzgerald were listed as Authorized Participants in ETF file updates.
Each spot Bitcoin ETF is expected to have 5-10 Authorized Participants, and the names currently being discussed are among the biggest in the field. It wouldn’t make sense for other giants to stay in the background, especially with BlackRock, the world’s largest asset manager, entering the Bitcoin business.
Goldman is in talks for collaboration with the biggest players in the field. Grayscale is the largest investment firm in the crypto space, managing the $26 billion GBTC. BlackRock is the leader in the traditional investment world, managing over $10 trillion in client assets.
As more details emerge in the coming hours and days, and more financial firms announce their participation as Authorized Participants, an increase in positive momentum for Bitcoin and altcoins can be expected.
