Bitcoin ETF, Goldman Sachs and BlackRock - What's Going On?
Portfolio Pulse from Anusuya Lahiri
Goldman Sachs (GS) is in talks to become an authorized participant for BlackRock's (BLK) upcoming spot Bitcoin ETFs, as well as those planned by Grayscale. GS and BLK stocks rose by 1.71% and 2.06%, respectively, on Thursday. The SEC is expected to decide on the Ark/21Shares spot Bitcoin ETF by January 10. To date, the SEC has only approved ETFs linked to Bitcoin and Ethereum futures, not spot cryptocurrencies. Goldman Sachs' potential role would involve creating and redeeming ETF shares to reflect the value of the underlying Bitcoin.
January 04, 2024 | 11:39 am
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POSITIVE IMPACT
BlackRock is planning to launch spot Bitcoin ETFs and is in discussions with Goldman Sachs to have them as an authorized participant, which could positively influence BlackRock's market position.
BlackRock's move into Bitcoin ETFs, with the potential partnership with Goldman Sachs, is a positive development that could lead to increased investor interest and a short-term rise in BLK stock.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Goldman Sachs is considering becoming an authorized participant for BlackRock's and Grayscale's Bitcoin ETFs, which could enhance its role in the cryptocurrency market.
Goldman Sachs' involvement in Bitcoin ETFs could attract investor interest and signal confidence in the cryptocurrency market, likely having a positive impact on GS stock in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80