Grayscale Investments, a bitcoin asset management company, has reportedly been in talks with multiple banks, including JP Morgan and Goldman Sachs, to play a big role in its proposed Bitcoin exchange-traded fund. This information surfaced a few days ago from an unnamed source. Prior to this, BlackRock had worked with Jane Street Capital and JP Morgan as approved participants for its planned Bitcoin ETF.
As a significant source of liquidity and guarantor of the ETF's share price tracking its underlying assets, approved participants carry out a vital function. Both the company's and the two banks' representatives declined to comment.
How do you think this news will affect the price of Bitcoin?
Your level lowered and you are now a Red Fish!