Wall Street’s biggest banks want to make money from Bitcoin without actually owning it.
Goldman Sachs: A Different Kind of Bitcoin Play
Goldman Sachs has filed paperwork with the Securities and Exchange Commission for its Bitcoin Premium Income ETF, a fund designed to provide investors with exposure to Bitcoin while generating regular income through options trading.
Instead of purchasing Bitcoin outright, the bank plans to invest at least 80% of the fund’s assets in instruments linked to the Bitcoin price, including existing spot Bitcoin ETFs and options on the fund.
To generate revenue, Goldman plans to sell call options on its Bitcoin ETF holdings at a premium. This strategy allows the fund to collect fees from option buyers. The trade-off is a cap on how much upside investors can capture if the price of Bitcoin goes higher.
Source: SEC
second moving bank
Goldman Sachs’ application follows a similar push by Morgan Stanley, which launched its own spot Bitcoin ETF last week. This makes it the first bank-issued Bitcoin ETF on record.
Goldman Sachs is now the second major bank to enter this space, but its products are taking a different approach. Morgan Stanley took the direct route through in-kind funds. Goldman is building around options and indirect exposure.
Shock: Goldman Sachs jumps into the Bitcoin ETF game…Apply for Bitcoin Premium Income ETF pic.twitter.com/WszEIrQ2tV
— Eric Balchunas (@EricBalchunas) April 14, 2026
The documents arrived when Bitcoin was already moving. The leading cryptocurrency rose to $76,000 on the day Goldman Sachs filed its registration statement with the SEC, then fell to around $75,000.
Goldman Sachs: What the Document Covers
According to SEC filings, the fund may directly hold spot Bitcoin ETF shares and Bitcoin ETF options. Goldman noted in its prospectus that the fund’s revenue-generating mechanism focuses on selling covered call options on its holdings.
BTCUSD trading at $75,663 on the 24-hour chart: TradingView
This kind of structure is already common in equity income funds, but applying it to Bitcoin represents a relatively new direction for a bank the size of Goldman Sachs.
No fee details or release date have been revealed. The SEC has not yet approved this fund. Goldman Sachs manages approximately $3.6 trillion in assets across its businesses.
This filing further broadens institutional participation in Bitcoin-related investment products. With two of Wall Street’s biggest banks now officially on board, efforts to bring Bitcoin into mainstream finance through regulatory means show no signs of slowing down.
Featured image by Michael Nagle/Bloomberg/Getty Images, chart by TradingView
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