Goldman Sachs is connecting clients with Galaxy Digital’s Ethereum Fund

Goldman Sachs is connecting clients with Galaxy Digital’s Ethereum Fund

The financial services giant Goldman Sachs has been 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 interested in spot exposure to ETH have been offered space in Galaxy’s ETH Fund. This strategy was highlighted in a Galaxy presentation on Tuesday, which listed Goldman as a beneficiary of introductory fees for referring clients to the fund.

Galaxy Digital is the cryptocurrency-focused financial services provider of billionaire Mike Novogratz. It controlled $2.8 billion of assets under management (AUM) as of the end of the fourth quarter of 2021.

It’s unclear exactly how much Goldman’s clients have bought, but the minimum investment per investor is $250,000. The filing also states that Galaxy’s 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 company CAIS Capital was also on file as a recipient of placement fees for referring clients to Galaxy’s ETH fund.. The amount of Goldman’s introduction fee and CAIS placement fee has not been disclosed.

This is not the first time Goldman has partnered with Galaxy Digital. Last June, Goldman began offering Bitcoin (BTC) futures trading through CME Group Bitcoin Futures with Galaxy Digital as liquidity provider.

Goldman employees are also increasingly interested in the cryptocurrency space.. On Feb. 25, Goldman executive Roger Bartlett announced that he was leaving the traditional financial firm to join cryptocurrency exchange Coinbase.

He will lead global financial operations foras he said in a LinkedIn post “embrace the opportunities offered by digital assets and their ecosystem“.

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Goldman Sachs Senior Chairman Lloyd Blankfein also shares curiosity about the cryptocurrency space. On Monday tweeted his astonishment that cryptocurrencies weren’t “having a moment” now in light of extremely high inflation rates and frozen individual bank accounts around the world.

I keep an open mind on crypto, but considering the inflation of the US dollar and the harsh reminder that governments can and will freeze accounts and block payments under certain circumstances, don’t you think crypto would be having a moment? now? I don’t see it in the price, so far…

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