Goldman Sachs may play key role in spot bitcoin ETFs via BlackRock, Grayscale: Report

Quick Take

  • Goldman Sachs is in talks with BlackRock and Grayscale Investments about serving as an authorized participant to their spot bitcoin ETFs, according to CoinDesk citing sources.
  • The Securities and Exchange Commission will need to approve Goldman Sachs for the role. 

Investment firm Goldman Sachs is in talks with BlackRock and Grayscale Investments about playing a key role in their proposed spot bitcoin exchange-traded funds (ETFs), according to CoinDesk, which cited anonymous sources.

If approved, Goldman Sachs could serve as an "authorized participant" to BlackRock and Grayscale Investments' spot bitcoin ETFs, meaning the Wall Street juggernaut would be "permitted to purchase and redeem shares directly from the ETF," the Securities and Exchange Commission explains in a document.

No spot bitcoin ETFs have yet to be approved by the SEC, however, experts suggest the regulator will offer a decision some time between Jan. 8 and Jan. 10. Goldman Sachs's role as an authorized participant would need approval as well.

With traditional financial institutions, which weigh tremendous political power, showing increasing interest in the new crypto-based financial instrument, some argue its inevitable that the ETFs will eventually be approved. 


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ETF anticipation

At the end of last year, BlackRock updated its spot bitcoin ETF filing with the SEC to include Jane Street Capital and JP Morgan as potential authorized participants. This served as a positive sign that spot bitcoin ETFs are likely to be approved, The Block previously reported.

BlackRock, the world's largest asset manager, filed for a spot bitcoin ETF in June 2023. 

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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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