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Goldman Sachs To Launch Bitcoin Income ETF
Wall Street investment bank Goldman Sachs (NYSE: $GS) has filed to launch a Bitcoin (CRYPTO: $BTC) exchange-traded fund (ETF), its first direct foray into crypto investing.
If approved by regulators, Goldman Sachs’ Bitcoin Premium Income ETF will give investors exposure to Bitcoin while also generating income through a premium-based strategy.
The actively managed ETF would sell options tied to Bitcoin-linked exchange-traded products (ETPs), allowing the fund to collect premiums in exchange for capping upside in strong rallies.
Investors who choose the new Goldman Sachs fund would trade full price participation for steady income, reflecting a shift that’s underway on Wall Street.
Firms such as Goldman are increasingly trying to package Bitcoin and other cryptocurrency products so that they resemble dividend-paying stocks rather than solely tracking the spot price of a digital asset.
Goldman Sachs regulatory filing for the Bitcoin income fund comes weeks after BlackRock (NYSE: $BLK) accelerated plans for a similar product.
BlackRock is planning to launch a new iShares Bitcoin Premium Income ETF that’s expected to trade under the ticker symbol “BITA,” following the success of its spot Bitcoin ETF.
Goldman’s new fund is being planned a week after rival Morgan Stanley (NYSE: $MS) launched its first Bitcoin ETF, which tracks the spot price of the largest cryptocurrency.
Analysts say that Goldman’s move signals that competition is expanding beyond spot Bitcoin products and towards more complex instruments designed to generate steady returns.
A timeline for when Goldman Sachs’ Bitcoin income fund will launch hasn’t been announced.
GS stock has risen 80% in the last 12 months to trade at $909.37 U.S. per share.
This article has been published in yahoo.com via Yahoo News.
Goldman Sachs To Launch Bitcoin Income ETF
Wall Street investment bank Goldman Sachs (NYSE: $GS) has filed to launch a Bitcoin (CRYPTO: $BTC) exchange-traded ...
finance.yahoo.com
