Goldman Sachs has started moving to apply for a Bitcoin spot ETF. Since this comes just a few days after Morgan Stanley announced a similar product last week, it clearly shows that institutional investors' interest in this field is rapidly increasing.

This ETF is called the "Goldman Sachs Bitcoin Premium Income ETF," and it primarily allocates over 80% of its assets to Bitcoin-related products such as spot Bitcoin ETPs, options, and indices, rather than directly purchasing BTC. To pay investors monthly dividends, it’s reportedly called "Boomer Candy" by the older asset-owning demographic.

The mechanism involves generating stable income by selling Bitcoin call options. This provides a buffer during market fluctuations and allows investors to expect predictable returns. However, naturally, there’s a risk of missing out on large gains if BTC surges suddenly. In other words, it sacrifices upside potential for stability.

After the SEC’s standard 75-day review period, the approval date for the Bitcoin spot ETF is expected to be around late June 2026. If listed at that time, it would be an interesting timing from a market cycle perspective.

Looking at this, it’s clear that Goldman Sachs is shifting from being just a Bitcoin investor to an issuer. They already hold ETFs for Ethereum, Solana, and XRP, and are also the largest holder of XRP ETFs. This indicates that institutional investors are seriously engaging with cryptocurrencies.

Based on recent movements, the trend of major players continuously launching Bitcoin-related products doesn’t seem to be stopping. BlackRock and Grayscale are also active in the same field, and competition is definitely intensifying. However, on the other hand, spot Bitcoin ETFs have experienced net outflows (recently $291 million), so the supply and demand balance in the market is still fluctuating.