Goldman Sachs has filed with the U.S. Securities and Exchange Commission to launch a spot Bitcoin exchange-traded fund (ETF), according to regulatory documents reviewed by SourceRated. The filing marks a significant pivot for the $3.6 trillion asset manager, which had previously expressed skepticism about cryptocurrency investments.
The proposed ‘Goldman Sachs Bitcoin Trust’ would hold physical Bitcoin, differentiating it from existing futures-based products. Analysts note this comes amid growing institutional demand following the SEC’s January approval of similar ETFs from BlackRock and Fidelity. ‘This validates Bitcoin as an institutional-grade asset,’ said a source familiar with the filing who requested anonymity.
Goldman’s crypto strategy has evolved dramatically since CEO David Solomon called Bitcoin ‘not an asset class’ in 2020. The bank began offering Bitcoin futures trading in 2021 and launched crypto derivatives for European clients last year. SEC approval could take months, with officials scrutinizing custody arrangements and market manipulation safeguards.
Market observers suggest the filing may pressure rival firms like JPMorgan to accelerate their crypto offerings. ‘When Goldman moves, the whole wealth management industry pays attention,’ said Bloomberg Intelligence analyst James Seyffart. Bitcoin prices rose 3% on rumors of the filing before paring gains.