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Goldman Sachs and Fidelity Investments have become the latest U.S. financial institutions to move in on Bitcoin Exchange Traded Funds (ETF) by filing their applications with the U.S. Securities and Exchange Commission.
Goldman Sachs
According to a document from the U.S. Securities and Exchange Commission, Goldman Sachs have officially filed an application last week to offer $15.7 million of the “autocallable contingent coupon ETF-linked notes due 2026.” In relation, the notes’ payout would depend on how a key ETF performs: the ARK Innovation ETF, an actively managed fund currently offered by Cathie Wood’s ARK Investment Management. The notes would be linked to an exchange traded funds with links to cryptocurrencies such as Bitcoin. The filing also includes bitcoin-adjacent technologies such as blockchain-based applications.
According to their filing, the ARK Innovation ETF involves indirect exposure to companies that are working with disruptive and emergent technologies such as blockchain. This would happen through an investment in a grantor trust. The filing also outlines that business entities otherwise involved in financial technology and the innovation of that industry as such may also be considered as components of the ETF offered through the note.
The ETF’s strategy would encompass all cryptocurrencies however would have Bitcoin as a primary driver, given the thrive in institutional adoption lately:
“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.”
Goldman Sachs move follows a recent statement from Goldman President and COO John Waldron on the rise in demand for bitcoin among its clients.
“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 document detailed.
Fidelity
Fidelity Investments, $4.9 trillion asset manager, has also filed an application with the U.S. Securities and Exchange Commission, to list a new Bitcoin ETF, The Wise Origin Bitcoin Trust.
The SEC filing was made on Wednesday, according to a Form S-1 Registration Statement that appeared on the SEC’s website. The ETF will directly track Bitcoin’s daily performance using the Fidelity Bitcoin Index PR, an index that’s derived from several price feeds.
“The Trust provides direct exposure to bitcoin, and the Shares of the Trust are valued on a daily basis using the same methodology used to calculate the Index,” as stated in the filing.
Fidelity Digital Asset Services will be listed as the custodian and the fund will be incorporated in the state of Delaware.