Goldman Sachs Files Bitcoin Premium Income ETF

Goldman Sachs CEO David Solomon told a World Liberty Forum crowd in February that he personally owns a small amount of Bitcoin.

Now his firm filed for a Bitcoin Premium Income ETF that will invest in spot Bitcoin ETFs and options on those ETFs. The fund can outperform spot Bitcoin investment when the cryptocurrency is falling, flat, or modestly rising, according to Goldman's filing. But it will underperform when Bitcoin rises quickly.

Bloomberg Senior ETF Analyst Eric Balchunas described the fund profile as boomer candy — low risk, low reward. He wrote on X that he can't say he saw this coming, and assumed JPMorgan and Goldman would sit crypto out in favor of competing in other categories.

Morgan Stanley launched its MSBT Bitcoin ETF less than a week before Goldman's filing, pulling in ₱1.98 billion ($33 million) on its first day. Morgan Stanley's MSBT charges a 0.14% expense ratio, compared to 0.25% for BlackRock's iShares Bitcoin Trust and 0.15% for Grayscale's Bitcoin Mini Trust ETF.

BlackRock's IBIT now manages more than ₱3.19 trillion ($53 billion) in assets under management, while Fidelity's FBTC holds just under ₱781.71 billion ($13 billion).