Goldman Sachs offers exposure to ETH funds through Galaxy Digital
Through Galaxy Digital’s Ethereum fund, Goldman Sachs is partnering with clients by granting them exposure to Ether. Galaxy mentioned Goldman as a receiver of introduction fees paid for suggesting clients in an SEC filing recently. Employees of Goldman Sachs, such as its Executive and Senior Chairman, are enthusiastic about the crypto business.
Goldman Sachs has been promoting exposure to Ether (ETH) for its customers via Galaxy Digital’s Ethereum Fund, according to a new filing with the Securities and Exchange Commission (SEC).
After a three-year break, Goldman reopened a crypto trading desk within its global currencies and emerging markets business. Clients of Goldman Sachs who wanted to invest in ETH were given a spot in the Galaxy’s ETH fund. The filing from Galaxy also demonstrated this strategy.
Cryptocurrency-focused financial services company
Mike Novogratz is the founder and CEO of Galaxy Digital. Galaxy Digital is a cryptocurrency-focused financial services company. The firm has $2.8 billion in assets under management at the end of 2021.
The minimum investment made by an investor was $250,000. Nonetheless, it is unclear how much Goldman clients purchased. The Galaxy’s ETH fund has made approximately $50.5 million in sales since its inception, according to the filing.
CAIS Capital is an independent wealth management business. The business identified on the filing as a receiver of placement fees for bringing clients to Galaxy’s ETH funds. The sum was not disclosed.
Goldman Sachs previously partnered with Galaxy Digital. The relationship continues today when it began selling Bitcoin (BTC) futures trading through CME Group Bitcoin Futures. Company Galaxy Digital was serving as a liquidity provider.
Goldman Sachs employees are also gaining interest in the crypto business.
Interest in cryptocurrencies and their futures
Goldman Sachs Group is considering introducing over-the-counter bilateral crypto options. This indicates the bank’s growing interest in assisting institutions with the trading of digital-currency futures.
The sources came from those familiar with the topic. They asked not to be identified because they were talking confidential information.
They stated that the behemoth is one of a few Wall Street banks in the early stages of testing such products. The so-called bilateral options allow crypto holders to customize deals in order to mitigate risks or improve yields.
Roger Barlett is a former executive at Goldman Sachs. He said late last month that he was quitting the traditional banking institution to join Coinbase. Coinbase is a cryptocurrency exchange.
Llyod Blankfein is the senior chairman at Goldman Sachs. He has tweeted about his current ideas and curiosity about the crypto field.
Blankfein believes that crypto should have a moment right now, given that we are seeing extraordinarily high inflation and that governments may freeze accounts and stop payments. He also questioned his 155k followers if they thought crypto was having a good time right now.
Keeping an open mind about crypto, but given the inflating US dollar and the stark reminder that governments can and will under certain circumstances freeze accounts and block payments, wouldn’t you think crypto would be having a moment now? Not seeing it in the price, so far….
— Lloyd Blankfein (@lloydblankfein) March 7, 2022
Your capital is at risk.
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