Goldman Sachs is in discussions with BlackRock and Grayscale Investments about joining their team to take on a special role in creating a Bitcoin exchange-traded fund (ETF). If things go well, Goldman Sachs could play a key role in helping people buy and sell these investment funds more easily.
Goldman Sachs’ key “AP” role
Goldman Sachs is trying to play a big role in creating a Bitcoin ETF along with BlackRock, the world’s largest asset manager, and Grayscale Investments, known for managing large-scale Bitcoin investment funds. .
If all is approved, it could change the game for how regular people invest in Bitcoin. Meanwhile, a big decision is being made by the Securities and Exchange Commission (SEC) on whether these special Bitcoin investment funds can be created.
Goldman Sachs wants to help immediately once the SEC gives its approval. The decision is expected between January 8 and January 10.
More Big Players Join
But Goldman Sachs isn’t the only big name taking part. Other major banks, including JP Morgan Chase, Jane Street, and Cantor Fitzgerald, are also participating. This shows that large traditional banks are increasingly interested in using digital currencies such as Bitcoin for investments.
Large banks, which were previously somewhat reluctant to deal in cryptocurrencies, are now being invited to the Bitcoin investment party. Now they can be a part of it, thanks to a new Bitcoin treatment that makes it easier for the SEC to approve it.
As Goldman Sachs explores this strategic move, its collaboration with BlackRock and Grayscale represents a convergence of financial giants pouring billions of dollars into the cryptocurrency space.