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Wow, Goldman Sachs is now getting into Bitcoin ETFs. They filed a request with the SEC on April 14th, just a few days after Morgan Stanley launched theirs. What perfect timing, huh?
The interesting part is that they won't buy Bitcoin directly. They will invest at least 80% in other products linked to BTC, like options and spot ETPs. They call it the Bitcoin Premium Income ETF, but basically it's a business to generate passive income by selling options. Kind of a "boomer treat," literally.
Approval should come around June 2026 if it follows the SEC's normal 75-day review period. So, the timeline for Bitcoin ETF approval is more or less set. The downside is that it limits gains if BTC skyrockets, but at least it protects against volatility.
What's curious is that Goldman Sachs already held an XRP ETF, and now they want to make a strong move into the Bitcoin ETF approval market with this new product. It shows that big institutions are really interested in crypto. Just yesterday, $291 million was withdrawn from spot Bitcoin ETFs, but Ethereum saw inflows of $9.44 million. An interesting movement in the market.
Do you think more banks will launch products like this? It seems like a race now.