Goldman Sachs Filed For ETF With Option Of Added Exposure To BTC

Goldman Sachs filed for an ETF with the US Securities and Exchange Commission and reportedly got a petition approval for an exchange-traded fund with the option to add more exposure to Bitcoin so let’s find out in our latest Bitcoin news.

According to the document filed with the Securities and Exchange Commission, with an ARK innovation structure and a filing date set for March 19, 2021, the financial product will be called Autocallable Contingent Coupon ETF-Linked notes. The product also contemplates:

“The ETF is an actively managed exchange-traded fund that will invest under normal circumstances primarily (at least 65% of its assets) in domestic and foreign equity securities of companies that are relevant to the ETF’s investment theme of disruptive innovation.”

The main investment strategy of the fund considers “companies” or technologies to be the ones that rely and benefit on “products or services under development” and these companies could belong to multiple sectors with research supporting them, as the document states:

“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, accordingly, such exposure may not always be represented in the ETF’s portfolio.”

Furthermore, the proposed product of the bank will invest in Fintech innovation companies, next-gen companies, and AI as well as automation and energy transformation entities. As Goldman Sachs filed for an ETF, they are hoping that it will give exposure to BTC to third parties as the document shows:

“The ETF is permitted to lend its portfolio securities to brokers, dealers and other financial institutions desiring to borrow securities to complete transactions, in pursuing arbitrage opportunities or hedging strategies or for other similar purposes. In connection with such loans, the ETF receives liquid collateral equal to at least 102% of the value of the portfolio securities being lent. This collateral is marked to market on a daily basis.
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A few days ago, Morgan Stanely also announced that it will give more exposure to BTC and its clients so the interested investors will have more than $5 million in an account at the bank. The exposure will be granted by giving access to the funds in partnership with Galaxy Digital.