Goldman Sachs jumps into Bitcoin ETF race

InvestorDaily

Wall Street giant Goldman Sachs has filed for its first Bitcoin ETF, just one week after Morgan Stanley entered the digital investment space with its own Bitcoin ETF, which attracted US$100 million within its first six days. According to the US SEC filing, the Goldman Sachs Bitcoin Premium ETF seeks to invest at least 80 per cent of its net assets in instruments that provide exposure to Bitcoin. “Such investments include exchange-traded products that hold bitcoin, options on Spot Bitcoin ETPs and options on ‘Bitcoin ETP Indices’, which are indices that track ETPs that hold bitcoin,” the filing said.

The fund may hold shares of Spot Bitcoin ETPs and Bitcoin ETP options directly. However, neither the fund nor its Cayman subsidiary will invest directly in Bitcoin and instead, it will generate income by selling call options on Bitcoin ETPs to collect premiums. Nine Blocks Capital Management co-founder and crypto industry leader Henri Arslanian said the ETF is one of the first direct crypto-linked products to be offered by Goldman Sachs.

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