Coindesk Logo

Goldman Sachs Offering ETH Fund to Clients Through Galaxy Digital

Goldman Sachs Offering ETH Fund to Clients Through Galaxy Digital

Goldman Sachs Offering ETH Fund to Clients Through Galaxy Digital

The bank is introducing crypto-curious clients to Galaxy’s Institutional Ethereum Fund, SEC documents show.

The bank is introducing crypto-curious clients to Galaxy’s Institutional Ethereum Fund, SEC documents show.

The bank is introducing crypto-curious clients to Galaxy’s Institutional Ethereum Fund, SEC documents show.

AccessTimeIconMar 8, 2022, 9:21 PM
Updated May 11, 2023, 7:13 PM
(Daniel Acker/Bloomberg via Getty Images)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Goldman Sachs (GS) is offering interested clients access to an ether (ETH) fund issued by Galaxy Digital, according to regulatory documents filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday.

A source from the world of institutional crypto trading confirmed to CoinDesk that Goldman acts as a feeder to the Galaxy fund.

The amended Form D filing states “Goldman Sachs & Co. LLC will receive an introduction fee” for clients it brings to the “Galaxy Institutional Ethereum Fund.” Galaxy issued that fund last March.

With a $250,000 minimum investment, the fund has sold over $50 million to 28 clients, filings show. It’s difficult to say how much, if any, flow Goldman is responsible for as the investment bank was not involved when it first launched.

It’s not the first Goldman Sachs tie-up with Galaxy Digital, the crypto investment firm helmed by Mike Novogratz. In June, Galaxy agreed to funnel liquidity to Goldman Sachs’ bitcoin (BTC) futures offering.

Galaxy offers a bitcoin fund to Morgan Stanley (MS) clients in an arrangement that is similar to this one with Goldman, a review of the filings shows.

CAIS Capital LLC, an alternative investments platform, will receive “placement fees” for referring clients to the institutional fund, Tuesday’s SEC filing said. It’s separately involved in a different Galaxy-backed Ethereum fund whose filing also hit Tuesday.

A representative for Goldman Sachs had no immediate comment. A Galaxy Digital spokesperson declined to comment.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.