Goldman Sachs Is Offering Clients Galaxy Digital’s ETH Fund

Financial services giant Goldman Sachs is already offering clients exposure to ETH through Galaxy Digital’s Ethereum Fund, according to a new Securities and Exchange Commission (SEC) filing.

Goldman Sachs clients keen to gain spot exposure to ethereum have taken a chance in Galaxy’s ETH Fund. The strategy was evident in a Galaxy filing dated March 8. The filing lists Goldman Sachs as the recipient of referral fees for referring clients to the fund.

Galaxy Digital is the crypto financial services provider of billionaire Mike Novogratz. As of the end of the fourth quarter of 2021, the firm managed $2.8 billion in assets.

It's unclear exactly how much Goldman's clients bought, but the minimum investment per investor is $250,000. The document also claims that Galaxy’s ETH fund has made just over $50.5 million in sales since its inception.

Goldman Sachs has started recommending Galaxy Digital’s ETH fund to clients.

CAIS Capital, an independent wealth manager, is also listed as a recipient of placement fees for referring its clients to the Galaxy ETH Fund. The amounts of Goldman Sachs' introduction fee and CAIS's placement fee were not disclosed.

This is not the first time Goldman Sachs has partnered with Galaxy Digital. Last June, Goldman Sachs began offering bitcoin futures trading through CME Group Bitcoin Futures, with liquidity provided by Galaxy Digital.

Goldman Sachs employees are also increasingly enthusiastic about the crypto space. On February 25, Goldman Sachs executive Roger Bartlett announced that he would leave the traditional financial company to work at the cryptocurrency exchange Coinbase.

He will lead the global financial practice, which, as he put it in a LinkedIn post, “embraces the opportunities offered by digital assets and their ecosystems.”

Goldman Sachs Senior Chairman Lloyd Blankfein is also curious about the crypto space. On March 7, he tweeted his doubts about how cryptocurrencies aren't "shinning" right now amid sky-high global inflation and frozen personal bank accounts.

Be open to cryptocurrencies, but don't you think cryptocurrencies are going to shine right now, given the inflating dollar and the stark reminder that governments can and will freeze accounts and block payments in some cases? So far nothing seen on the price...

— Lloyd Blankfein (@lloydblankfein) March 7, 2022

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