Summary:
Released on June 12, 2026. Goldman Sachs Group, Inc. (NYSE: $GS) today, as the lead underwriter, completed the largest IPO underwriting task in history, with a valuation of $1.77 trillion and raised $75 billion. This event is an excellent entry point to examine Goldman’s current strategy in the cryptocurrency asset landscape: from the SEC application for the Bitcoin Premium Income ETF (April 14), to the systematic increase in cryptocurrency infrastructure stocks in the Q1 13F filing, and now to the lead underwriting of the largest IPO in history, Goldman is transforming itself from a “traditional investment bank cautious observer” to the “most versatile institutional service provider in the digital asset field.”
Today’s Lead Underwriting: $75 Billion Historic Fee Revenue
Goldman Sachs serves as the lead underwriter for today’s SPCX IPO (jointly with Morgan Stanley and several other major banks), completing a fundraising of $75 billion. Based on the traditional large IPO underwriting fee rate of approximately 0.5% to 1%, Goldman and the underwriting syndicate’s related underwriting fee revenue for this IPO is estimated to be around $375 million to $750 million (specific allocation ratios have not been publicly disclosed); this underwriting fee alone is equivalent to several quarters of revenue from crypto products in Goldman’s asset management division, sufficiently demonstrating the structural benefits of traditional investment banking focusing on “the largest IPOs.” However, the most important signal today is not the underwriting fee itself, but the positioning shift it represents: Goldman has transitioned from being relatively conservative in the crypto space from 2021 to 2022, to rapidly establishing a complete digital asset service chain covering ETFs, custody, 13F holdings, and IPO underwriting from 2024 to 2026.
Bitcoin Premium Income ETF: The Cryptoization of Wall Street’s Structured Products
On April 14, Goldman Sachs submitted Form 485APOS to the SEC, applying to launch the Goldman Sachs Bitcoin Premium Income ETF, which employs a dynamic covered call strategy: allocating at least 80% of net assets to Bitcoin ETP exposure, collecting premiums by selling call options, and regularly distributing to investors, with the option coverage ratio dynamically adjusted between 40% and 100%; it does not directly hold BTC. This is Wall Street’s most comprehensive attempt to replicate the traditional options income structured product into the Bitcoin space. From the demand side, Goldman’s wealth management clients—high-net-worth investors who prefer stable income and downside protection—are the most natural target group for this product; from a competitive perspective, this product does not compete on the same dimension as BlackRock $IBIT, but rather opens up a “yield-focused niche market” within the Bitcoin asset class, with the potential to attract conservative institutional funds transitioning from the bond market in the current high-interest-rate environment.
Q1 13F Signal: Retreat from Altcoin ETFs, Shift to Crypto Infrastructure Stocks
Goldman Sachs’ Q1 2026 Form 13F submitted on May 15 shows that the company completely liquidated its positions in XRP ETF (previously about $153.8 million) and Solana ETF (about $108 million), reduced its Ethereum ETF holdings by about 70%, and retained about $700 million in Bitcoin ETF (primarily IBIT); during the same period, it increased its holdings in Circle Internet Group, Inc. (NYSE: $CRCL), Galaxy Digital Inc. (NASDAQ: $GLXY), and Coinbase Global, Inc. (NASDAQ: $COIN) stocks. The message conveyed by this combination of actions is very clear: Goldman has shifted its judgment on the crypto market in Q1 from “altcoin price Beta” to “the earnings quality of crypto infrastructure companies”—the interest from CRCL’s USDC reserves, COIN’s institutional custody revenue, and GLXY’s CoreWeave long-term contracts all belong to relatively predictable cash flows, which are distinctly different from the speculation on XRP/SOL prices. This strategic shift aligns with the logic of its Bitcoin Premium Income ETF application: Goldman is positioning itself in the infrastructure layer of crypto financial services, rather than betting on token price directions.
Goldman’s Crypto Landscape and Next Week’s FOMC Decision
Goldman today completed the largest IPO underwriting in history, while holding $700 million in IBIT, applying for the Bitcoin Premium Income ETF, and increasing its holdings in publicly listed crypto infrastructure companies—these three clues collectively point to one judgment: Goldman has formed an internal consensus on the medium to long-term value of the digital asset industry, and its layout path is a parallel approach of “doing investment banking + doing products + doing holdings,” rather than a single betting direction. Next week’s FOMC (June 16-17) will be Kevin Warsh’s first interest rate decision since taking office as Fed Chair, with federal funds futures pricing in a higher likelihood of rate hikes than cuts this year; Warsh may announce the abolition of the dot plot—this would be the most significant potential change in the Fed’s policy framework since 2021. If the rate hike expectations come true, high interest rates will further suppress the valuation center of Bitcoin and crypto concept stocks; conversely, if Warsh maintains the current framework and releases dovish signals, combined with the ongoing legislative battle over the CLARITY Act this month, Goldman’s portfolio of crypto infrastructure stocks will be at the most favorable starting point for valuation recovery.
Data Source: https://bbx.com/ Crypto Concept Stock Information Database, compiled based on yesterday’s announcements from global listed companies and SEC/TSE disclosure documents.
