Goldman Sachs Copies ARK With Bitcoin Related Fund

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Last Updated on 26 March 2021 by CryptoTips.eu

Jeroen Kok

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Goldman Sachs knows what the market wants. With that, and knowing that business banks make their money charging percentages or handling fees, what the market wants, the market gets of course.

As such, Goldman has filed with the SEC to introduce a copy of the ARK fund of Cathy Wood and offer to its clients a basket of stocks that are weighed in a fund which all have one thing in common: they are related to the value of Bitcoin.

Advertentie.

Exposure to Cryptocurrency

Although the business bank has long been skeptical of anything related to Bitcoin or cryptocurrencies, it has the obligation to follow what it’s clients want, or see them take their business elsewhere.

The SEC filing declares that:

The ETF may have exposure to cryptocurrency, such as Bitcoin, indirectly through an investment in a grantor trust. The ETF’s exposure to cryptocurrency may change over time and, accordingly, such exposure may not always be represented in the ETF’s portfolio.

Quite the turnaround of course, given that Goldman declared back in May of 2020, just as Bitcoin readied for the halving that:

We also believe that while hedge funds may find trading cryptocurrencies appealing because of their high volatility, that allure does not constitute a viable investment rationale.

The latest news is yet another painful admission by global business banks that crypto is here to stay. Biggest blunder of 2021 remains in name of JP Morgan though, who proudly declared in January that the interest of investors “is not strong enough for Bitcoin to exceed $ 40,000.”

Bitcoin has since answered by trading at $50k and even at $60k. Auch.

alexeynovikov / Depositphotos.com