Goldman Sachs files with SEC to launch Bitcoin fund
The Goldman Sachs Group, Inc. (NYSE: GS) filed with the U.S. Securities and Exchange Commission (SEC) on Apr. 14 to launch a Bitcoin Premium Income exchange-traded fund (ETF). The 157-year-old American multinational investment bank aims to provide investors indirect Bitcoin exposure while generating income through a premium strategy through the proposed ETF. Related: Goldman Sachs predicts new low for gold Under normal circumstances, the fund will invest at least 80% of its net assets, plus any borrowings, in Bitcoin-exposed investments, including spot BTC exchange-traded products (ETPs), options on spot Bitcoin ETPs, and options on Bitcoin ETP Indices. Filed under the Investment Company Act of 1940, Goldman Sachs has to use a Cayman Islands subsidiary to get around regulatory limitations regarding holding commodities. While the Bitcoin Premium Income ETF may directly hold shares of spot Bitcoin ETPs and Bitcoin ETP options, neither the fund nor the Cayman Subsidiary invests directly in Bitcoin. The fund will depend on call Bitcoin ETP options covering 40%-100% of the Bitcoin exposure for premiums to generate income. While it would be the first time Goldman Sachs would be issuing a Bitcoin product upon approval, other Wall Street giants have been in the space for long. BlackRock's iShares Bitcoin Trust (Nasdaq: IBIT), Fidelity's Wise Origin Bitcoin Fund (Nasdaq: FBTC), and Franklin Templeton Digital Holdings Trust (Nasdaq: EZBC) are already established players. Last week, Morgan Stanley also launched the Morgan Stanley Bitcoin Trust (NYSE: MSBT). As per SoSoValue, these ETFs have pulled in a cumulative total net inflow of $56.45 billion. However, the Bitcoin ETF Goldman Sachs has proposed is not a spot fund; instead, it offers a unique strategy of investing in spot Bitcoin ETPs instead of direct Bitcoin exposure. BlackRock is also planning to launch a similar Bitcoin Premium Income ETF. As reported earlier, Goldman Sachs held indirect exposure to approximately 13,741 Bitcoin through holdings in spot Bitcoin ETFs as per the Q4 2025 Form 13F forms.
