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Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure

Payout on the notes would be dependent on the performance of the ARK Innovation ETF, an actively managed fund offered by Cathie Wood's ARK Investment Management.

Mar 24, 2021 at 10:36 p.m. UTC
Updated Sep 14, 2021 at 12:31 p.m. UTC

Goldman Sachs dipped another toe into the cryptocurrency pool by filing to offer notes linked to the performance of an exchange-traded fund (ETF) that may have exposure to cryptos such as bitcoin.

  • In a filing with the U.S. Securities and Exchange Commission, Goldman said it plans on offering $15.7 million of the "autocallable contingent coupon ETF-linked notes due 2026."
  • Payout on the notes would be dependent on the performance of the ARK Innovation ETF, an actively managed fund offered by Cathie Wood's ARK Investment Management.
  • The ARK Innovation ETF's strategy involves exposure to companies that are capitalizing on disruptive innovation and developing technologies, including blockchain.
  • The ETF may also have exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust, according to the filing.
  • The filing continues a trend by Goldman of offering structured notes with payouts tied to the performance of other instruments or funds with possible bitcoin exposure and that trend seems to be accelerating. A keyword search of such filings yielded 81 results from 2021, with no results showing up for prior years. Of the 81 results from 2021, 15 were from January, 28 were from February and 38 were from March.
  • The filing comes weeks after Goldman President and Chief Operating Officer John Waldron reportedly said the investment banking giant has been seeing more demand for bitcoin among its clients, and that while the bank was "regulated" on what it could do Goldman continues to "engage" with clients.
  • It also comes after the bank recently relaunched its cryptocurrency trading desk with the intention of supporting futures trading for bitcoin, three years after shelving plans to do so.
  • Meanwhile, the multinational investment bank has issued a request for information to explore digital asset custody, as CoinDesk previously reported.

UPDATE (March 25, 00:33 UTC): Updates to note increasing trend of Goldman offering structured notes linked to instruments or funds with possible exposure to bitcoin.

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