Goldman Sachs presenta domanda per un ETF sul Bitcoin che investe in altri prodotti quotati in borsa legati al Bitcoin

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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.

"Can'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.

Notably, Goldman cut its spot bitcoin and ether ETF holdings by 39.4% in the fourth quarter of last year. The firm also recently emerged as the largest holder of spot XRP exchange-traded fund shares.

Goldman's proposed Bitcoin ETF will also seek to generate income by selling call Bitcoin ETP options for premiums, according to the prospectus.

"As the seller of these options, the fund receives a premium from the buyer of the options. The Fund expects that, under normal circumstances, the overwrite level will be between 40% and 100% of the value of the bitcoin exposure in the fund’s portfolio," the filing also said.

Goldman's fund will, by design, have a limited upside.

"If the value of the Spot Bitcoin ETPs and Bitcoin ETP Indices appreciates in value beyond the strike price of one or more of the call Bitcoin ETP Options that the Fund has sold to generate income, the Fund will lose money on those short call positions," Goldman said. "These losses will limit the upside return of the Fund’s long exposures."

One user on X suggested the fund's strategy could center on generating income by selling call options on BlackRock's market-leading spot Bitcoin ETF, ticker symbol IBIT.

"Let me guess: another Covered Call income strategy on IBIT?" posted Dominik Auer, an executive at Sound Finance.

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source: https://www.tradingview.com/news/the_block:f37a51492094b:0-goldman-sachs-files-for-bitcoin-etf-that-invests-in-other-bitcoin-exchange-traded-products/