Investment banking giant Goldman Sachs has started offering its clients access to an Ethereum institutional fund managed by alternative asset management firm Galaxy Digital. According to the form filed with the Securities and Exchange Commission (SEC) on Tuesday, the bank is in it for the long haul, as the filing shows that the offering will last at least one year.
Key takeaways:
- Galaxy Digital issued the “Galaxy Institutional Ethereum Fund” early last year. The company that specializes in bridging the world of traditional and blockchain finance has since sold over $50 million of its pooled fund to 28 interested clients.
- According to the filing, a minimum investment is capped at $250,000, while the aggregate net asset value and expected revenue range were not disclosed.
- Goldman Sachs has repeatedly expressed its bullish outlook on Ethereum in recent months. Last July, the bank praised Ethereum as the dominant smart contract platform and wrote in a note to its clients that ETH could become the most popular store of value going forward.
- In November, Goldman Sachs’ Global Markets managing director Bernhard Rzymelka predicted that Ethereum would reach as high as $8,000 by the end of the year. Rzymelka’s prediction later turned out to be far off the mark as ETH finished 2021 trading in the $3,700 range.
- In addition, Goldman Sachs’ senior analyst Zach Pandl told its clients last year that Bitcoin could reach the elusive six-figure price tag and grow past $1.8 trillion market valuation.
