Bitcoin’s market price dropped unexpectedly on Thursday, 4 January, to $43,000 – an approximate 4.5% plummet. However, the cryptocurrency sentiment remains strong because, amid the fluctuating prices and slight uncertainty surrounding the crypto giants, JPMorgan (JPM) and Goldman Sachs (GS), along with Grayscale (GBTC), have been discussing Bitcoin Exchange-Traded Funds (ETFs).
Grayscale in talks with JPMorgan and Goldman Sachs over Bitcoin ETF
By becoming authorised participants, JPMorgan and Goldman Sachs would have the ability to create and redeem shares, adding to the stability of liquid maintenance. An impressive benefit would also be the ability to align ETF share prices with each firm’s underlying assets, and, as global giants, this would benefit all parties involved.
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Although neither company has commented on the developments, the whispers mirror those of when the largest asset manager in the world, BlackRock (0QZZ), authorised JPMorgan as a participant for its Bitcoin ETF.
To add to stock market excitement, Tuttle Capital (SARK) has registered its interest in creating six ETFs with the aim of improving Bitcoin’s ETF performance. Additionally, Cipher Mining, the tech company that aims to lead Bitcoin’s infrastructure and mining journey, has acquired a further 16,700 miners in preparation for the next Bitcoin halving event in April 2024. Each ETF is geared toward daily leveraged or inverse returns at a maximum of 200%.
That being said, Tuttle may need to revise this move this decade as BlackRock was initially tied to the iShares spot Bitcoin ETF.
