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In a significant move, 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 addition of five reputable financial institutions, including Goldman Sachs and Citigroup, signals the growing acceptance of Bitcoin within mainstream finance. These APs play a crucial role in facilitating the creation and redemption of ETF shares, thereby enhancing liquidity and accessibility for investors.
The inclusion of prominent players in the financial industry reflects the increasing demand for regulated investment vehicles providing exposure to digital assets. IBIT and Fidelity’s FBTC have demonstrated remarkable performance, outpacing thousands of other funds and attracting consistent net inflows for 49 consecutive days. With IBIT alone accounting for over half of BlackRock’s net flows year-to-date, the expansion of the Authorized Participant list is poised to further strengthen the fund’s growth and stability, highlighting the growing legitimacy of cryptocurrencies as a mainstream asset class.
