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#GRAYSCALE TALKS WITH JPMORGAN AND GOLDMAN SACHS RE SPOT BITCOIN ETF
- Just days ago @Grayscale filed an S-3 amendment application with the US @SECGov, regarding its application for a spot #Bitcoin ETF.
- However, a heavily discussed feature at the time was the exclusion of any ‘authorized participants’ for the investment vehicle.
- This puzzled the #CryptoCommunity as, with approval deadlines looming, this was something the SEC had made clear it wanted to see…
- However, as revealed by Bloomberg on January 4, #Grayscale is reportedly in conversation with two major banks about the role:
Goldman Sachs & JPMorgan…
- ‘Authorized participants’ are a key component of any SEC-approved exchange-traded fund (ETF).
- These ‘APs’ facilitate the actual creation and redemption of shares for the fund, thereby becoming a major facilitator of the fund’s success and use.
- Blackrock is one of few applicants for which there already exists some degree of clarity around its APs.
- These APs reportedly being Jane Street, JPMorgan, and (potentially), Goldman Sachs.
- Technically, applicants can name any number of firms as authorized participants for their ETFs. However, some of the above names may have been chosen owing to their prior experience acting as APs…
- … as well as their wider reputability in traditional financial markets.
- Nonetheless, the very discussion of potential APs by $BTC ETF applicants is a crucial step towards the realization of said #BTC ETFs…#BTC #etf #Launchpool #XAI $BTC $ETH
- Just days ago @Grayscale filed an S-3 amendment application with the US @SECGov, regarding its application for a spot #Bitcoin ETF.
- However, a heavily discussed feature at the time was the exclusion of any ‘authorized participants’ for the investment vehicle.
- This puzzled the #CryptoCommunity as, with approval deadlines looming, this was something the SEC had made clear it wanted to see…
- However, as revealed by Bloomberg on January 4, #Grayscale is reportedly in conversation with two major banks about the role:
Goldman Sachs & JPMorgan…
- ‘Authorized participants’ are a key component of any SEC-approved exchange-traded fund (ETF).
- These ‘APs’ facilitate the actual creation and redemption of shares for the fund, thereby becoming a major facilitator of the fund’s success and use.
- Blackrock is one of few applicants for which there already exists some degree of clarity around its APs.
- These APs reportedly being Jane Street, JPMorgan, and (potentially), Goldman Sachs.
- Technically, applicants can name any number of firms as authorized participants for their ETFs. However, some of the above names may have been chosen owing to their prior experience acting as APs…
- … as well as their wider reputability in traditional financial markets.
- Nonetheless, the very discussion of potential APs by $BTC ETF applicants is a crucial step towards the realization of said #BTC ETFs…#BTC #etf #Launchpool #XAI $BTC $ETH
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