(Bloomberg) — Crypto asset manager Grayscale Investments is in talks with companies 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 considered authorized participants — companies that have the authority to create and repurchase shares of the fund, said the person, who asked to remain anonymous to discuss private discussions.
Authorized participants have a crucial job because they ensure that the ETF’s share price follows that of the fund’s underlying assets and are a key source of liquidity. Company representatives declined to comment.
BlackRock previously named JPMorgan Securities as AP for its proposed Bitcoin ETF, alongside Jane Street Capital. CoinDesk earlier reported that Goldman was in talks with Grayscale and BlackRock.
–With the help of Yueqi Yang.
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