Goldman Sachs has been added to asset management firm BlackRock’s Spot Bitcoin ETF as an authorized participant. Indeed, the firm also named UBS Securities, Citigroup Global Markets, and Citadel Securities in the same role according to regulatory filings made Thursday.
The development continues to see traditional finance entities enter the digital asset market. These various firms are seeking entry into the growing popularity and success of BlackRock’s investment option that was greenlit for approval in January of this year.
Also Read: BlackRock CEO Says Their Bitcoin ETF Is Fastest Growing In History
Goldman Sachs and Others Named Authorized Participants for BlackRock Bitcion ETF
Since the start of the year, Bitcoin ETFs have dominated discourse within the financial sector. The investment products have opened up the dialogue surrounding digital currencies and propelled Bitcoin into the spotlight. Moreover, it led BTC to reach an all-time high of $73,000 in March.
Now, there is a host of traditional finance firms that are seeking a point of entry into the sector. Subsequently, Goldman Sachs is among them, which has just been added to BlackRock’s Spot Bitcoin ETF as an authorized participant. Specifically, it was added alongside five other prominent firms.
Also Read: BlackRock Bitcoin ETF Holdings Surpass OKX & Kraken Combined
The ETF also added UBS, Citigroup, Citadel Security, and ABN AMRO Clearing USA in the same role. Authorized Participants, often referred to as APs, are typically large finance institutions that both create and redeem shares in a specified ETF.
The overall process is crucial to ETFs, ensuring liquidity and price accuracy for the market. Bloomberg analyst Eirch Balchunas noted that the biggest takeaway from the development is the inclusion of these institutions. Specifically, he stated that “big-time firms now want a piece of [the] action,” and are okay being perceived within the industry as a whole.