Goldman Sachs Dives into Ether Exposure
In a bold move, Goldman Sachs has started guiding clients towards the shimmering shores of Ether (ETH) through Galaxy Digital’s Ethereum Fund. This became evident thanks to a recent filing with the Securities and Exchange Commission, which revealed that Goldman clients eager for a taste of spot exposure to ETH can now access Galaxy’s fund.
Galaxy Digital: The Crypto Powerhouse
Galaxy Digital, helmed by billionaire Mike Novogratz, is not just any financial service provider; it’s a crypto-focused juggernaut with an impressive $2.8 billion in assets under management (AUM) as of the close of Q4 2021. Such numbers make you wonder if they have superhero costumes underneath their suits!
Minimum Investments and Fund Performance
While the full details of Goldman’s clients’ investments remain shrouded in mystery, we do know that to join in on the crypto revolution through Galaxy, investors must cough up at least $250,000. The icing on the cake? Galaxy’s ETH Fund has raked in sales of just over $50.5 million since its inception. Talk about an expensive buy-in!
Collaborations and Crypto Curiosity
This latest collaboration isn’t a flash in the pan. Goldman Sachs has previously teamed up with Galaxy Digital on Bitcoin (BTC) futures, utilizing the CME Group for trading while Galaxy provided liquidity. With this kind of partnership, it seems Goldman Sachs is becoming quite the crypto cheerleader!
Crypto Mindset at Goldman Sachs
The enthusiasm for cryptocurrency is not just limited to institutional clients; it seems even Goldman’s executives are catching the crypto bug. In a surprising twist, Roger Bartlett, a high-ranking executive at Goldman, recently left the company for a position at Coinbase, expressing a desire to explore the wider opportunities in digital assets.
Then there’s Lloyd Blankfein, Goldman’s Senior Chairman, who recently took to Twitter to voice his musings on the state of crypto amidst a backdrop of inflation and frozen bank accounts worldwide. As he put it:
“Keeping an open mind about crypto, but given the inflating US dollar and the stark reminder that governments can and will… wouldn’t you think crypto would be having a moment now?”
Perhaps he’s right; the crypto market might just need a gentle nudge or a dose of caffeine to wake it up!
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