{"id":459486,"date":"2021-03-24T20:57:34","date_gmt":"2021-03-24T20:57:34","guid":{"rendered":"https:\/\/uniquehot.com\/?p=459486"},"modified":"2021-03-24T20:57:34","modified_gmt":"2021-03-24T20:57:34","slug":"goldman-sachs-files-for-a-etf-with-option-to-invest-in-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/goldman-sachs-files-for-a-etf-with-option-to-invest-in-bitcoin\/","title":{"rendered":"Goldman Sachs files for a ETF with option to invest in Bitcoin"},"content":{"rendered":"
According to a document<\/a> filed with the U.S. Securities and Exchange Commission (SEC), banking giant Goldman Sachs<\/a> has petition approval for a new Exchange Tradable Fund (ETF) with the option to add exposure to Bitcoin.<\/p>\n With an ARK innovation structure and a March 19, 2021 filing date, the financial product would be called Autocallable Contingent Coupon Coupon ETF-Linked Notes. Maturing on March 26, 2026, the product proposed by Goldman Sachs contemplates:<\/p>\n The ETF is an actively managed exchange-traded fund that will invest under normal circumstances primarily (at least 65% of its assets) in domestic and foreign equity securities of companies that are relevant to the ETF\u2019s investment theme of disruptive innovation.<\/p><\/blockquote>\n The fund’s primary investment strategy considers “companies” or disruptive technologies to be those that rely on and benefit from “products or services under development”. In addition, these “companies” may belong to multiple sectors (energy, transportation, genomics, among others) with scientific research that supports them. The document states:<\/p>\n The ETF may have exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust. The ETF\u2019s exposure to cryptocurrency may change over time and, accordingly, such exposure may not always be represented in the ETF\u2019s portfolio.<\/p><\/blockquote>\n In addition to Bitcoin, the bank’s proposed product will invest in Fintech innovation companies, “next-generation” internet companies, artificial intelligence, energy transformation, and automation transformation entities. The ETF could also give exposure to Bitcoin to third parties, as the document indicates:<\/p>\n The ETF is permitted to lend its portfolio securities to brokers, dealers and other financial institutions desiring to borrow securities to complete transactions, in pursuing arbitrage opportunities or hedging strategies or for other similar purposes. In connection with such loans, the ETF receives liquid collateral equal to at least 102% of the value of the portfolio securities being lent. This collateral is marked to market on a daily basis.<\/p><\/blockquote>\nBanking institutions continue to increase their stake in Bitcoin<\/h2>\n