Big Financial Firms Express Interest in Bitcoin

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by Giorgi Kostiuk

3 years ago

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Image via U.Today

Eric Balchunas, a prominent ETF analyst at Bloomberg, notes that major financial companies like Citadel, Goldman Sachs, UBS, and Citigroup have recently been added to the list of authorized participants for BlackRock's Bitcoin ETF. These firms were previously hesitant to join but are now openly embracing the success of the ETF, which has quickly reached $10 billion in assets under management in just seven weeks.

Some unexpected additions to the list include JP Morgan and Jane Street Capital, with JP Morgan CEO Jamie Dimon previously expressing skepticism about Bitcoin. Despite Dimon's negative comments about cryptocurrencies, the bank has decided to participate in the ETF.

Authorized participants play a critical role in creating and redeeming shares for the ETF issuer, enabling seamless exchange between shares, cash, and other securities. Their involvement signifies a growing interest of major financial institutions in the world of Bitcoin, showcasing a shift towards wider acceptance and acknowledgment of the cryptocurrency.

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