Goldman Sachs Files to Launch Bitcoin Income ETF Tied to Options

Goldman Sachs filed an application for an exchange-traded fund on Tuesday that seeks to generate income for investors by selling options tied to Bitcoin’s price, underscoring the Wall Street giant’s incremental approach toward the digital assets space.

The Goldman Sachs Bitcoin Premium ETF would allocate at least 80% of its assets to investments that provide exposure to Bitcoin, including ETFs that track the digital asset’s spot price as well as derivatives tied to those products.

To generate income for investors, the fund would sell options tied to Bitcoin ETFs, generating returns from the premium that investors pay to gain leveraged exposure to Bitcoin.

With Goldman Sachs managing $3.65 trillion in assets (AUM), the filing represents a new entry into “the Bitcoin ETF game,” according to Bloomberg Senior ETF Analyst Eric Balchunas, who expressed a sense of shock on X at the investment bank’s latest filing.

The analyst noted that Goldman’s fund is based around a subsidiary located in the Cayman Islands, allowing it to manage regulatory limitations associated with holding commodities. That stands in contrast with a similar ETF that BlackRock has filed for, he said.

“Goldman may sense [an opportunity] to leap frog them,” Balchunas added, suggesting that the ETF could debut first due to its regulatory structure. “Anyway, I can’t say I saw this coming.”

In January, BlackRock filed an SEC registration for an iShares Bitcoin Premium Income ETF that generates income through call options. The fund, if approved by the SEC, would compete with other Bitcoin covered-call ETFs like NEOS’ BTCI, which has $1 billion in AUM.

Because BlackRock’s Bitcoin premium income ETF is actively managed, the product is set to have a higher expense ratio than its flagship offering tracking Bitcoin’s spot price.

Since BlackRock’s spot Bitcoin ETF debuted in 2024, the product has generated $63.8 billion worth of net inflows, according to crypto data provider CoinGlass. Meanwhile, Morgan Stanley last week debuted its own spot Bitcoin ETF, which has taken in roughly $68 million.

In February, Goldman Sachs CEO David Solomon revealed that “very little, but some” Bitcoin, describing himself as less of an investor and more of an observer of the largest digital asset.