Bitcoin ETF IBIT Adds Goldman, Citi, Citadel as Authorized Participants

APs are an integral part of the ETF process as they help create liquidity by changing the supply of shares when there’s a shortage or a surplus. Large ETFs typically have dozens of APs, and in less than three months of existence, IBIT has become fairly sizable with nearly $18 billion in assets under management as of the close yesterday.

The participation of Goldman Sachs is particularly notable as its wealth management chief investment officer just this week said the bank believes that crypto has “no value” and feels no pressure to participate in the space even as other TradFi giants are taking major steps.

The Goldman news recalls that of JPMorgan, whose CEO Jamie Dimon publicly bashed cryptocurrencies for years, but became one of the original APs for BlackRock’s IBIT when the fund launched in January.

Source: Bitcoin ETF IBIT Adds Goldman, Citi, Citadel as Authorized Participants