Goldman Sachs is in talks to become an "authorized participant" in BlackRock and Grayscale's proposed SpotBitcoin ETF

According to Coindesk, Goldman Sachs could play a key role in BlackRock and Grayscale's plan to launch SpotBitcoin ETFs in the United States, according to two people familiar with the matter. According to people familiar with the matter, the bank is in talks to become an authorised participant (AP) for BlackRock and Grayscale's proposed SpotBitcoin ETFs. This is one of the most important jobs in the trillion-dollar ETF industry, and the role involves creating and redeeming ETF shares to ensure that the product trades in tandem with its underlying asset.
Last week, BlackRock and Valkyrie have assigned APs to their ETFs, JPMorgan Chase and Jane Street, respectively. A source at a large trading firm said more APs could emerge, and they expect each Bitcoin ETF to eventually have 5 to 10 APs.