BlackRock, the world’s largest asset manager, has updated the prospectus for its iShares Bitcoin Trust (IBIT) to include nine authorized participants, adding Citigroup Global Markets, Goldman Sachs, UBS Securities, and Citadel Securities to the existing list. The filing with the U.S. Securities and Exchange Commission (SEC) on Thursday marks a significant expansion of the network of institutions that can create and redeem ETF shares.
Authorized Participants Roster Grows
According to the amended prospectus, the nine authorized participants are: ABN AMRO Clearing USA, Citadel Securities, Citigroup Global Markets, Goldman Sachs, Jane Street Capital, JP Morgan Securities, Macquarie Capital (USA), UBS Securities, and Virtu Americas. Initially, only Jane Street Capital, JP Morgan Securities, Macquarie Capital (USA), and Virtu Americas were named in the Jan. 9 filing, one day before the SEC approved 11 spot Bitcoin ETFs. A previous amendment on March 4 added ABN AMRO Clearing USA, Citigroup, Goldman Sachs, and UBS. The latest inclusion of Citadel Securities completes the new roster.
Authorized participants are crucial for ETF operations as they are the only entities permitted to create or redeem baskets of shares—each basket representing 40,000 shares. The expansion signals BlackRock’s commitment to deepening liquidity and accessibility for IBIT, which has become the fastest-growing ETF in history.
Bitcoin Holdings Surge Past 260K
Since IBIT launched on Jan. 11, BlackRock has been aggressively accumulating Bitcoin. As of April 4, the fund’s holdings have swelled to nearly 260,000 BTC, a testament to strong institutional demand. BlackRock CEO Larry Fink recently stated that he is “very bullish on the long-term viability of Bitcoin” and noted that IBIT “is the fastest growing ETF in the history of ETFs—nothing has gained assets as fast as IBIT.” Robert Mitchnick, BlackRock’s head of digital assets, added that for the firm's clients, “Bitcoin is overwhelmingly the number one priority. And then a little bit Ethereum, and very little everything else.”
The expansion of authorized participants alongside rapidly growing holdings underscores BlackRock’s dominance in the spot Bitcoin ETF space. Market observers believe the addition of major Wall Street players like Citadel and Goldman Sachs will further enhance IBIT’s market depth and attract even more institutional capital into Bitcoin.