Goldman Sachs Connects Clients With Galaxy Digital's ETH Fund

Financial services giant Goldman Sachs is offering its clients exposure to Ether ( ETH ) through Galaxy Digital’s Ethereum fund, accordin...


Financial services giant Goldman Sachs is offering its clients exposure to Ether (ETH) through Galaxy Digital’s Ethereum fund, according to a new filing from the Securities and Exchange Commission.

Goldman Sachs clients wanting spot exposure to ETH have been offered space in Galaxy’s ETH fund. This strategy became evident in a Tuesday filing from Galaxy that listing Goldman as the beneficiary of the introductory fee for referring clients to the fund.

Galaxy Digital is the crypto-focused financial services provider of billionaire Mike Novogratz. It controlled $2.8 billion in assets under management (AUM) at the end of Q4 2021.

It’s unclear exactly how much Goldman clients bought, but the minimum investment per investor is $250,000. The filing also indicates that the Galaxy ETH Fund has had sales of just over $50.5 million since its inception.

Goldman Sachs has started referring clients to Galaxy Digital’s ETH fund.

Independent wealth management firm CAIS Capital was also on the record as the recipient of the placement fee for referring its clients to Galaxy’s ETH fund. The amount of Goldman’s IPO fee and CAIS’ placement fee were not disclosed.

This isn’t the first time Goldman has teamed up with Galaxy Digital. Last June, Goldman began offering Bitcoin (BTC) futures contracts trading via CME Group Bitcoin Futures with Galaxy Digital providing liquidity.

Goldman employees are also increasingly fond of the crypto space. On Feb. 25, Goldman executive Roger Bartlett announced he was leaving the traditional financial firm to settle at the Coinbase crypto exchange.

He will lead global financial operations to, as he put it in a LinkedIn post, “capture the opportunities presented by digital assets and its ecosystem.”

Goldman Sachs Senior Chairman Lloyd Blankfein also shares a curiosity about the crypto space. He tweeted On Monday, he wondered how the cryptocurrency “didn’t have a moment” now in light of sky-high inflation rates and frozen individual bank accounts around the world.