BlackRock's iShares Bitcoin Trust (IBIT) has expanded its roster of authorized participants (APs) to nine, with notable additions including financial powerhouses Goldman Sachs, Citadel Securities, Citigroup, UBS, and ABN AMRO clearing house. This move, detailed in a prospectus filed with the U.S. Securities and Exchange Commission (SEC), signals the growing interest from major institutions in the cryptocurrency space.

These new APs join the ranks of existing participants Jane Street Capital, JP Morgan, Macquarie, and Virtu Americas. The involvement of Goldman Sachs is particularly noteworthy, given recent statements from the bank's wealth management chief investment officer expressing skepticism about cryptocurrency's intrinsic value. Nonetheless, the institution is stepping into the space, echoing a similar move by JPMorgan, whose CEO Jamie Dimon was once critical of cryptocurrencies but ultimately became an AP for BlackRock's IBIT upon its launch in January.

Authorized participants play a crucial role in the ETF ecosystem by facilitating liquidity through the creation and redemption of shares to balance supply and demand. Despite being less than three months old, IBIT has quickly amassed nearly $18 billion in assets under management, highlighting the growing appetite for exposure to digital assets among investors.

The inclusion of prestigious financial institutions like Goldman Sachs, Citigroup, and UBS underscores a shifting landscape in traditional finance, as more players recognize the potential of cryptocurrencies as an investment asset.