Financial services giant Goldman Sachs is offering customers access to ETH through Ethereum Fund Galaxy Digital, according to a new statement from the Securities and Exchange Commission.
Goldman Sachs clients interested in spotting Ethereum (ETH) have been offered a spot in the Galaxy ETH fund. This strategy was made clear in Galaxy’s March 8 statement, which lists Goldman as the recipient of entry fees for referring clients to the fund.
Galaxy Digital is a cryptocurrency-focused financial services provider for billionaire Mike Novogratz. As of the end of the fourth quarter of 2021, he controlled $2.8 billion of assets under management (AUM).
It’s unclear exactly how much Goldman customers have bought, but the minimum investment per investor is $250,000. The filing also states that Galaxy has sold just over $50.5 million since its inception.
Independent wealth management firm CAIS Capital was also listed in the filing as the recipient of a placement fee for referring its clients to ETH Fund Galaxy. Goldman’s entry fee and CAIS placement fee were not disclosed.
This is not the first time Goldman has partnered with Galaxy Digital. Last June, Goldman began offering Bitcoin (BTC) futures trading through CME Group Bitcoin Futures, with Galaxy Digital providing liquidity.
Goldman employees are also increasingly into cryptocurrencies. On February 25, Goldman chief executive Roger Bartlett announced that he was leaving the traditional financial firm to settle on cryptocurrency exchange Coinbase.
He will lead global financial operations to, as he said in a LinkedIn post, “seize the opportunities offered by digital assets and their ecosystem.”
Goldman Sachs Senior Chairman Lloyd Blankfein is also interested in the crypto space. On March 7, he tweeted his surprise that crypto has “no time” right now in light of the extremely high inflation and freezing of individual bank accounts around the world.
Keeping an open mind about crypto, but given the inflation of the US dollar and the stark reminder that governments can and will, under certain circumstances, freeze accounts and block payments, don’t you think crypto is going to have a moment now? Can’t see that in price yet … — Lloyd Blankfein (@lloydblankfein) March 7, 2022