Goldman Sachs Submits Filing For New Bitcoin Investment Product

Cryptocurrency News

Bitcoin is indeed making waves across the entire world, rising as a small asset to become a game-changer in the financial market. With the recent rise and a projected rise in sight, investors are trying to get in as much as they can of the asset. Knowing this, entities and investment platforms have been rolling out products that will benefit their clients who want to taste digital assets trading.

In light of this, Goldman Sachs has announced that it has submitted a filing with the United States Securities and Exchange Commission for a newly listed product. According to the bank, the product will enable users on their platform to get access to the leading digital asset, Bitcoin, even though it mentioned that it was indirectly.

Goldman Sachs says the investment would be tied to securities

In the filing submitted to the United States Securities and Exchange Commission, the bank mentioned that the investment would be tied to securities. With this, the bank is hoping to launch a platform related to an ETF. Also, the details of the filing highlighted that investors who wish to enter the disruptive market could do so with them.

With the note talking about ARK Innovation’s addition, it means that the investors would be hoping to enter the Bitcoin market through the Grayscale ETF. In simple terms, ETF is an investment that allows investors or traders to buy and sell shares using the original amount of the asset.

Even though things like this have been springing up across the globe, the United States regulators are still adamant about giving investments the go-ahead to dabble into the sector. Most companies have submitted applications for the launch of their ETF, with the last one being submitted to Fidelity.

The United States SEC still adamant about not approving Bitcoin ETFs

Despite the SEC’s stubborn nature about giving companies the go-ahead to start their ETF, it is safe to say that most of the countries that have launched it have seen enormous success. Understandably, the SEC has cited many reasons why it is not granting the firms the go-ahead stating market manipulation amongst other trivial things.

Goldman Sachs pointed out in its filing that it is not hoping to launch an ETF but wants to use Bitcoin shares to expose its clients to an ETF. Also, this means that Goldman Sachs is now being drawn to Bitcoin again. As of last year, the bank was averse to the digital asset while noting at an event that it was not fit to be in the asset class.

The bank reopening its Bitcoin desk some few months back has assured its users that it would debut its Bitcoin futures trading. Giving a highlight of what it entails, a Bloomberg official has mentioned that institutional traders can use this new product to conduct a side bet.

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