Goldman Sachs Files for an ETF to Provide Indirect Exposure to Bitcoin

Goldman Sachs has filed with the US Securities and Exchange Commission (SEC) to offer notes linked to an exchange-traded fund's performance that may indirectly offer exposure to Bitcoin.

The plan is to offer $15.7 million of the “autocallable contingent coupon ETF-linked notes” due in 2026.

It will be tracking the performance of the ARK Innovation ETF, a fund offered by Bitcoin bull Cathie Wood’s ARK Investment Management.

The fund provides exposure to companies with the theme of “disruptive innovation,” including genomic revolution, automation transformation, energy transformation, artificial intelligence, next-generation internet, and fintech innovation covering peer-to-peer lending, blockchain technologies, and cryptocurrency.

The fund's top holdings involve Tesla and Square, both of which have put Bitcoin on their balance sheet. The filing reads,

“The ETF may have exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust. The ETF’s exposure to cryptocurrency may change over time and, accordingly, such exposure may not always be represented in the ETF’s portfolio.”

The ETF filing came after earlier this month, bank President and Chief Operating Officer John Waldron said that client demand for digital assets is “rising” and that Goldman Sachs is restarting its Bitcoin trading desk.

The investment banking giant has also issued a request for information to explore digital asset custody.

A survey by the bank also revealed that 40% of the respondents that included pension/sovereign wealth, insurance, corporate, macro fund, asset manager, hedge fund, bank, and other firm types have crypto exposure and 61% expect to increase it over next 1-2 years.