- Goldman Sachs links investors with Galaxy digital’s ETH fund.
- The bank’s clients make a minimum investment of $250 000 per investor
- Galaxy Digital’s ETH funds generate $50.5 million since its inception
This is exciting news for the ETH market, as Goldman Sachs clients are being provided a medium to invest in the second-largest cryptocurrency through the Galaxy ETH fund. The bank announced the offering on 8th March, noting that it will receive “an introduction fee” for clients it brings to the fund.
Despite the fact that it is not stated how much the Goldman customer bought, the minimum investment for each investor is $250 000, and the filling state adds that Galaxy’s ETH fund has generated sales of over $50.5 million since its start.
CAIS Capital, a wealth management firm, was also named as a recipient of placement fees for recommending its clients to the Galaxy ETH Fund on the disclosure. The amount of Goldman’s introduction fee and CAIS’ placement fee has not been revealed. Galaxy Digital is a crypto-focused financial service provider owned by Mike Novogratz. As of the end of Q4 2021, it had $2.8 billion in assets under management (AUM).
Galaxy Digital partners Goldman Sachs’ for Bitcoin offering
This isn’t the first time Goldman Sachs has partnered with Galaxy Digital. In June, it launched Bitcoin (BTC) futures trading on CME Group’s Bitcoin futures market, with Galaxy Digital providing liquidity.
Goldman Sachs staff are likewise becoming more interested in cryptocurrency. On February 25, Goldman Sachs executive Roger Bartlett stated that he would be transferring to Coinbase, a cryptocurrency exchange leaving the traditional financial firm. ”Reframe your thinking when it comes to investing in digital assets and the blockchain ecosystem,” he said in a LinkedIn post
As Goldman Sachs brought bitcoin to its clients, other firms wanted to bring Ethereum. With the creation of newer features like NFTs, blockchain gaming, and Ethereum Classic, the second most well-known cryptocurrency has revolutionized the sector.
Lloyd Blankfein, a Senior Chairman at Goldman Sachs and an avid investor in the crypto sector, is also interested. On 7th March, he tweeted his surprise that cryptocurrency wasn’t having a moment now, with extremely high inflation rates and individual bank accounts being shut down all over the world.