Goldman Files Bitcoin Income ETF Using Cayman Options Unit

Goldman Sachs on Tuesday filed an SEC registration for the Goldman Sachs Bitcoin Premium ETF, a fund that would generate income by selling options tied to Bitcoin ETFs and dedicate at least 80% of net assets to investments providing Bitcoin exposure through a Cayman Islands subsidiary.

The registration details that the fund would place at least 80% of its assets into vehicles that track the spot price of Bitcoin or into derivatives linked to those products. To produce income, the fund would write options tied to Bitcoin ETFs and collect premiums from buyers of those contracts.

The filing explains the fund would use a Cayman Islands subsidiary as part of its structure to address regulatory limits that apply to U.S. funds holding commodities under the Investment Company Act of 1940.

Goldman Sachs, which manages about $3.65 trillion in assets, submitted the application as asset managers expand ETF strategies that layer options-based income over spot exposure. A different asset manager filed for a similar premium-income product in January; that product is structured under a different regulatory framework and is actively managed.

Senior ETF analyst Eric Balchunas posted on X that the 1940 Act filing and Cayman subsidiary could allow Goldman to move faster than competitors, suggesting the structure might let the bank “leap frog” them and adding he “can’t say I saw this coming.”

If approved by the SEC, the Goldman fund would join a small group of covered-call and option-writing Bitcoin funds. NEOS Asset Management’s BTCI, a covered-call Bitcoin ETF, manages about $1 billion.

Spot Bitcoin ETFs have drawn substantial investor flows since their 2024 debuts and several large banks have broadened digital-asset offerings. Goldman CEO David Solomon has described his personal Bitcoin holdings as “very little, but some.”

The SEC review must be completed before the fund can launch. If cleared, the product would offer Bitcoin exposure while generating option premium income and would involve the costs and outcomes associated with writing options and using derivatives.