Finance

BlackRock Enlists Goldman Sachs, Citigroup for Bitcoin ETF

Apr 6, 2024 1 min read

Jump to Summary

BlackRock, the world's largest asset manager, has expanded the roster of Authorized Participants (APs) for its spot Bitcoin exchange-traded fund (ETF), IBIT. The new additions include prominent financial institutions such as ABN AMRO Clearing USA LLC, Citadel Securities LLC, Citigroup Global Markets, Inc., Goldman Sachs & Co. LLC, and UBS Securities LLC. With these additions, the total number of APs has increased from four to nine. This move is anticipated to improve the liquidity and accessibility of IBIT, which has been available to investors since January 10, 2024.

The expansion is indicative of the growing acceptance of Bitcoin within the traditional financial sector and the increasing demand for regulated investment vehicles that offer exposure to digital assets. BlackRock's IBIT, along with Fidelity’s Wise Origin Bitcoin Fund (FBTC), has experienced significant demand, contributing to more than half of BlackRock's net flows year-to-date. These funds have outperformed the majority of BlackRock's extensive ETF portfolio and have seen a remarkable streak of net inflows, placing them among the top performing funds historically.

This strategic development by BlackRock occurs amid a broader trend of traditional financial entities entering the digital asset market. The inclusion of such reputable APs underscores the sector's potential for growth and the confidence that major financial players have in Bitcoin as an investment.

#bitcoin #cryptocurrency #markets

Summary

Other news in finance

Oil Prices Soar as Gulf Storm Threatens Amid Market Recovery

Oil prices experienced a rebound as a potential hurricane approaches the U.S. Gulf Coast. West Texas Intermediate (WTI) crude futures rose by 1.48% to $68.67 per barrel, and Brent crude futures increased by 1.39% to $72.05 per barrel. This follows a period of declining prices

Friend.tech Token Nosedives After Ceding Smart Contract Control

Friend.tech, a decentralized social media platform, saw a sharp decline in the value of its native token, FRIEND, after the team transferred control of its smart contracts to Ethereum's null address on September 8. This move, aimed at preventing future changes to the platform's fees

Three Israelis Killed in Allenby Crossing Shooting

Three Israeli civilians were killed in a shooting at the Allenby Bridge crossing between the West Bank and Jordan. The attacker, identified as a Jordanian truck driver, opened fire on Israeli workers at the crossing before being neutralized by security forces. Three additional individuals were critically injured and are receiving

Tether Diversifies with $100M Investment in Adecoagro

Tether, the world's largest stablecoin issuer, has invested $100 million to acquire a 9.8% stake in Adecoagro, a Latin American agricultural company with a presence in Argentina, Brazil, and Uruguay. This acquisition, completed between July 29 and August 16, 2024, involved purchasing over 10 million shares and