JPMorgan, Goldman in Talks With Grayscale About Bitcoin ETF Role
01/04/2024 05:21
(Bloomberg) -- Crypto asset manager Grayscale Investments is in talks with firms, including JPMorgan and Goldman Sachs, to potentially play a key role in its proposed Bitcoin exchange-traded fund, according to a person familiar with the matter. Most Read from BloombergTech Stocks Log Four-Day Losing Streak, Bonds Rise: Markets WrapHarvard’s President Quits After Plagiarism, Antisemitism FurorSaving the Panama Canal Will Take Years and Cost Billions, If It’s Even PossibleIran Blasts That Killed N
(Bloomberg) -- Crypto asset manager Grayscale Investments is in talks with firms, including JPMorgan and Goldman Sachs, to potentially play a key role in its proposed Bitcoin exchange-traded fund, according to a person familiar with the matter.
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Both are being considered to be authorized participants — firms that have the power to create and redeem shares of the fund, said the person, who asked to remain anonymous to discuss the private talks.
Authorized participants have a crucial job because they ensure the ETF share price tracks with the underlying assets of the fund and provide a key source of liquidity.
BlackRock previously named JPMorgan Securities as an AP for its proposed Bitcoin ETF, along with Jane Street Capital. CoinDesk reported earlier that Goldman was in talks with Grayscale and BlackRock.
--With assistance from Yueqi Yang.
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