Banking Giant Goldman Sachs Seeks Approval for Bitcoin ETF With SEC

Deepshikha  |  Mar 25, 2021

International banking giant and leading financial institution, Goldman Sachs has filed a prospectus with the US SEC, seeking approval for a Bitcoin ETF. The prospectus catalog exposure to the digital currencies.  

Bitcoin ETF Filing by Major U.S. Investment Bank Goldman Sachs

The prospectus filed by Goldman Sachs with the U.S. Securities and Exchange Commission SEC is for an Exchange Traded Fund (ETF). The international banking giant is seeking approval from the SEC to launch an ETF termed ARK Innovation ETF. From the perspective of Goldman Sachs, the ETF exposure to digital currencies such as Bitcoin will provide a lead on companies that offer what it considers as “disruptive innovation”. The excerpt from 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, such exposure may not always be represented in the ETF’s portfolio.”

Goldman Sachs Consider Offering Crypto Custodial Services

Not long back, the news reads that Goldman Sachs was considering launching a Bitcoin ETF along with offering crypto custodial services. Also, the asset management behemoth Fidelity Investments filed a document with the SEC to launch a Bitcoin ETF. With this move, the Sachs and Fidelity Investments have become the latest institutions to propose a Bitcoin-related ETF with the U.S. regulator. However, the commission is yet to approve the filed application. The commission is currently reviewing VanEck’s Bitcoin ETF proposal. 

The ETF known as Wise Origin Bitcoin Trust would hold Bitcoin and value its shares based on prices from major cryptocurrency exchanges including Coinbase and Bitstamp. The ‘trust’ tracks the performance of bitcoin, as measured by the Index, adjusted for the Trust’s expenses and other liabilities.

From the latest, Canadian regulators agreed upon North America’s first Bitcoin ETF last month. Another two more ETFs are to reach the markets of Canada. Countries like Canada and Brazil already own Bitcoin ETFs. Brazilian regulators also approved Latin America’s first Bitcoin ETF earlier in March.

 

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