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Wall Street’s biggest bank wants to make money off Bitcoin — without actually owning any.

Goldman Sachs: A Different Kind Of Bitcoin Play

Goldman Sachs has filed paperwork with the Securities and Exchange Commission for a Bitcoin Premium Income ETF, a fund designed to give investors Bitcoin exposure while generating regular income through options trading.

The bank plans to put at least 80% of the fund’s assets into products tied to Bitcoin’s price — including shares of existing spot Bitcoin ETFs and options on those funds — rather than buying Bitcoin outright.

To produce income, Goldman intends to sell call options on Bitcoin ETF holdings at a premium. That strategy lets the fund collect fees from options buyers. The tradeoff is a cap on how much upside investors can capture if Bitcoin’s price shoots higher.

The Second Bank To Make A Move

Goldman’s filing comes on the heels of a similar push from Morgan Stanley, which launched its own spot Bitcoin ETF last week — making it the first bank-issued Bitcoin ETF on record.

Goldman Sachs is now the second major bank to enter this space, though its product takes a different approach. Morgan Stanley went the direct route with a spot fund. Goldman is building around options and indirect exposure.

The filing landed as Bitcoin was already making a move. The leading cryptocurrency climbed as high as $76,000 on the day Goldman’s registration statement was submitted to the SEC, before pulling back to around $75,000.

Goldman Sachs: What The Filing Covers

According to the SEC document, the fund may hold spot Bitcoin ETF shares and Bitcoin ETF options directly. Goldman noted in its prospectus that the fund’s income-generating mechanism centers on selling covered call options against those holdings.

That kind of structure is already common in equity income funds, but applying it to Bitcoin marks a relatively new direction for a bank of Goldman’s size.

No fee details or a launch date have been disclosed. The SEC has not yet approved the fund. Goldman Sachs manages roughly $3.6 trillion in assets across its operations.

The filing adds to a broader wave of institutional involvement in Bitcoin-linked investment products. With two of Wall Street’s largest banks now formally in the game, the push to bring Bitcoin into mainstream finance through regulated vehicles shows no sign of slowing.

Featured image from Michael Nagle/Bloomberg/Getty Images, chart from TradingView

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