Goldman Sachs Files for Cryptocurrency-Tied ETF

The fund will focus on investing in companies that fit the theme of “disruptive innovation,” which the company defines as “the introduction of a technologically enabled new product or service that potentially changes the way the world works.”

share

key takeaways

  • Goldman Sachs filed for an ETF that will invest in “disruptive innovation,” which may include digital assets
  • The SEC has shut down every past crypto ETF proposal, but that has not deterred firms from trying

Goldman Sachs is the latest company to put its name in the hat to offer a bitcoin-tied ETF, according to regulatory forms filed Tuesday. 

The fund will focus on investing in companies that fit the theme of “disruptive innovation,” which the company defines as “the introduction of a technologically enabled new product or service that potentially changes the way the world works.” It may or may not include bitcoin, which would fall under its group of fintech innovation companies.

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

Goldman is the latest company vying for Securities and Exchange Commission approval for a bitcoin-tied ETF. The SEC has denied every past bid for one, but some are betting that a change in agency leadership, coupled with broader institutional acceptance, will lead to a more positive crypto sentiment. SEC Chairman Gary Gensler, who transitioned into the top position this month, is known for being open minded when it comes to digital assets, but there are still security and custody concerns that must be addressed when it comes to a cryptocurrency ETF. 

“I believe that we are going to see a bitcoin ETF within 18 months, and I’ve been saying that for five years,” said Ric Edleman, founder of the RIA Digital Assets Council. “We’re all looking forward to a bitcoin ETF, but we have to ask ourselves, by the time it comes out, what’s the price of bitcoin going to be?” 

Last week SkyBridge Capital filed to offer a bitcoin ETF with First Trust. In January alternative asset management firm Valkyrie filed for its own bitcoin ETF, and VanEck filed for the VanEck Bitcoin Trust in December. The SEC started the decision clock for VanEck’s application last week and has 45 days to accept or deny it.

Earlier this month Goldman revealed it would relaunch its digital asset trading desk and will start dealing bitcoin futures shortly after Mathew McDermott, head of Digital Assets for Goldman Sachs’ Global Markets Division, said on a podcast at the time that Goldman and others had held back on taking a bigger role in digital assets because of their inability to trade bitcoin itself.

“We’ve seen from a lot of demand – particularly with the hedge funds, some of the asset managers and the macro funds – a desire to get access to the physical, so that’s been something that we’ve had to think cleverly about, how we can facilitate that demand in a different way,” he said.

Goldman is among several other major financial institutions trying to meet increasing client demand for exposure to digital assets without offering access to spot bitcoin, including Morgan Stanley, JPMorgan Chase, Charles Schwab and BlackRock this year alone. BNY Mellon is planning to custody digital assets, too.

Goldman Sachs did not respond to a request for comment.

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (1).jpg

Research

Jupiter has emerged as the undisputed liquidity backbone of Solana, commanding over 90% of spot DEX aggregation and 80% of perp trading volume. But behind the numbers lies a far more ambitious play: a cross-chain, vertically integrated super-app spanning swaps, synthetics, NFTs, memecoins, and launchpads. This report explores Jupiter’s rapid rise, the monetization upgrades reshaping its revenue profile, and the risks that could unwind its dominance, from token dilution to competition. With annualized revenues nearing $300M, the upside is undeniable, if it can navigate the turbulence.

article-image

Immutable has been building a game with Ubisoft that was slated to unveil in April. It may be a TCG.

article-image

Curve founder Michael Egorov is working on a new protocol designed to eliminate impermanent loss, rethink token emissions, and capture BTC-native yield

article-image

Mining outfits have gone bust in the wake of prior halvings. Not so this time around.

article-image

Zora’s announcement that its token is for “fun only” sparked a debate about the need for such tokens

article-image

In recent weeks, Helium has hit new all-time highs while passing major protocol milestones

article-image

Financial advisers in a January survey said equity ETFs were their top choice for gaining crypto exposure in 2025