BlackRock Expands Bitcoin ETF Authorized Participants Despite Wall Street Crypto Skepticism

BlackRock added Goldman Sachs, Citigroup, UBS, Citadel Securities, and ABN AMRO as authorized participants (APs) for its Bitcoin ETF, bringing total to 9 APs
APs help create liquidity for ETFs by changing supply of shares when there's shortage or surplus
Large ETFs typically have dozens of APs; in less than 3 months, BlackRock's Bitcoin ETF has attracted nearly $18 billion in assets
Goldman's participation notable given their wealth management CIO recently said crypto has "no value"
Other new APs include major Wall Street names like Citigroup and UBS, similar to when JPMorgan became an original AP despite CEO's past crypto criticism