Goldman Sachs Considers Supporting Bitcoin Spot ETFs From BlackRock, Grayscale As Wall Street Eyes Crypto
• Goldman Sachs is considering serving as an "authorized participant" for potential Bitcoin spot ETFs from BlackRock and Grayscale. This would involve creating and redeeming ETF shares to ensure prices track Bitcoin.
• Wall Street firms can participate in spot Bitcoin ETFs using a cash-based system preferred by the SEC, where shares are created with fiat currency rather than crypto.
• Other Wall Street players like JPMorgan, Jane Street, and Cantor Fitzgerald have already agreed to be authorized participants for some of the 14 firms applying for spot Bitcoin ETFs.
• The SEC has approved Bitcoin futures ETFs but not spot ETFs yet, though a recent court ruling could pave the way for approval of spot Bitcoin ETFs.
• Bloomberg analysts say it's highly likely a spot Bitcoin ETF is approved by January 10th.