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The asset-management arm of the global investment banking giant Goldman Sachs has filed for a new crypto ETF based on securities of crypto-related companies and Defi protocols. The new ETF will be called Innovate Defi and Blockchain Equity ETF. As per the SEC filing on Monday, the firm would invest at least 80% of its assets exclusive of the collateral held from securities lending. The official filing said,
“The Index is designed to deliver exposure to companies that are aligned with two key themes, the implementation of Blockchain Technology and the Digitalization of Finance (the “Themes”),”
Goldman Sachs hopes its new crypto ETF would open the gates for wealthy equity investors looking to invest in crypto companies as well as exposure to the highly popular Defi ecosystem. The blockchain index would track the companies that offer blockchain and crypto products along with a range of defi protocols.
‘The eligible universe of stocks is comprised of common equity securities, including depositary receipts, of companies located across developed and emerging markets worldwide, listed and traded on major exchanges in certain developed markets, including Australia, Canada, France, Germany, Hong Kong, Japan, South Korea, Switzerland, the Netherlands, the United Kingdom, and the United States,”
The ETF filing revealed that it would trade on a national securities exchange, as soon as it gets approved.
Goldman Sachs is Expanding its Line of Crypto Products
Goldman Sachs has come a long way from its early skepticism towards the crypto universe especially bitcoin. It recently became the first major US bank to offer Bitcoin Futures services to its clients. The major reason for the change in stance towards Bitcoin and crypto, in general, is the massive client demand.
JP Morgan, another American banking giant, and a bigger Bitcoin critic also had to change their stance owing to massive demand. Earlier this year the bank had said they don’t intend to offer any crypto-related product unless there is enough demand and within a month they announced their Bitcoin investment fund.
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