Goldman Sachs, the financial services giant, has been offering clients exposure to Ether (ETH) through Galaxy Digital’s Ethereum Fund, according to a new Securities and Exchange Commission filing.
It has been reported that Goldman Sachs clients keen on spot exposure to ETH have been offered space in Galaxy’s ETH Fund. This strategy became apparent in a Tuesday filing from Galaxy which listed Goldman as a recipient of introduction fees for referring clients to the fund. Galaxy Digital is billionaire Mike Novogratz’s crypto-focused financial service provider. It controlled $2.8 billion assets under management (AUM) as of the end of Q4 2021.
However, it's not clear exactly how much Goldman clients have bought, but the minimum investment per investor is $250,000. The filing also states that Galaxy’s ETH Fund has had sales of just over $50.5 million since inception.
The report said that independent wealth management firm CAIS Capital was also listed on the filing as a recipient of placement fees for referring its clients to Galaxy’s ETH Fund. The amount of Goldman’s introduction fee and CAIS’s placement fee has not been disclosed. This is not the first time Goldman has partnered with Galaxy Digital. Last June, Goldman began offering Bitcoin (BTC) futures trading via CME Group Bitcoin futures with Galaxy Digital providing liquidity.
Likewise, Goldman’s employees are also increasingly keen on the crypto space. On February 25, Goldman executive Roger Bartlett announced that he was leaving the traditional financial firm to settle at Coinbase crypto exchange. He will lead global financial operations to, as he said in a LinkedIn post “embrace opportunities offered by digital assets and its ecosystem.”
Lloyd Blankfein, the Senior Chairman at Goldman Sachs, also shares a curiosity about the crypto space.
Thus, he said that he wondered at how cryptocurrency was not “having a moment” now in light of extremely high inflation rates and individual bank accounts being frozen around the world.