BlackRock has revealed the names of four more Wall Street firms it's enlisting to buy bitcoin for its iShares Bitcoin Trust ETF.
An Authorized Participant is an entity that acquires the underlying assets of an ETF to create its shares, providing the liquidity of the ETF market. U.S.-listed ETFs have, on average, 24 “contracted” APs and five “active” APs, BlackRock's website shows. The timing of the firms’ coming out as APs might serve as a sign of their shifting attitudes toward the industry, Balchunas said Friday in a post on X.
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