Goldman Sachs wants to launch an exchange-traded fund that gives investors exposure to bitcoin without directly holding the cryptocurrency, according to a filing on Tuesday.
The fund, called the Goldman Sachs Bitcoin Premium Income ETF, plans to gain exposure by investing in exchange-traded products that hold bitcoin, along with options tied to those products and indices tracking them, according to the filing.
“[C]an’t say i saw this coming,” Bloomberg Senior ETF analyst Eric Balchunas wrote in a post on X. “I kinda just thought JPM and GS would sit crypto out in favor of competing in other categories.”
Unlike spot Bitcoin ETFs from firms like BlackRock and Fidelity — which directly hold bitcoin and closely track its price — Goldman’s proposed fund would sit one layer further removed, gaining exposure through other investment vehicles rather than holding the asset itself.
“Since the value of Spot Bitcoin ETPs fluctuates with the price of bitcoin, the Fund will gain exposure to both the increases and decreases in the price return of bitcoin experienced by the Spot Bitcoin ETPs in which the Fund invests,” Goldman said in the filing.
Morgan Stanley’s recently launched spot bitcoin exchange-traded fund, MSBT, generated roughly $34 million in trading volume on its launch day.
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