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I just saw an interesting development. This week, Goldman Sachs submitted an application for a Bitcoin ETF to the U.S. Securities and Exchange Commission, just days after Morgan Stanley launched a spot Bitcoin ETF.
Speaking of which, Goldman Sachs's move is quite intriguing. Their asset management scale has reached $3.65 trillion, making them the seventh-largest asset manager globally, and now they’re also entering the market to issue Bitcoin ETF products. This ETF is called the "Goldman Sachs Bitcoin Premium Income ETF," mainly aimed at attracting older investors by distributing dividends monthly to generate steady income.
However, their strategy differs somewhat from simply buying BTC directly. Goldman plans to allocate at least 80% of the assets into spot Bitcoin ETPs and other Bitcoin-related products, such as options and indices. They will then sell Bitcoin call options to distribute dividends to investors. The advantage of this approach is ensuring stable income, but the downside is that profits might be limited during Bitcoin price rallies.
According to the standard 75-day review process, analysts estimate that this ETF will likely launch in late June 2026.
More notably, Goldman Sachs has shifted from being an investor in Bitcoin products to becoming an issuer. Their cryptocurrency ETF portfolio also includes Ethereum, Solana, and XRP, and they are the largest XRP ETF holder worldwide.
This phenomenon reflects a major trend: institutional investors’ demand for digital asset investment products continues to grow. Not only Goldman Sachs, but Grayscale and BlackRock are also offering similar Bitcoin ETF products. Interestingly, these institutions are constantly adjusting their holdings in these products to maintain profitability. Yesterday, spot Bitcoin ETFs recorded a net outflow of $291 million, while spot Ethereum ETFs saw a net inflow of $9.44 million.
It appears that institutional attitudes toward digital assets have shifted from mere investors to product issuers. This transformation itself demonstrates how attractive the Bitcoin ETF market is.