DeFi and Blockchain-focused ETF Filed by Goldman Sachs, Will Support Digitization of Finance

Giant Wall Street investment bank Goldman Sachs (NYSE:GS) has reportedly submitted an application with the US Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) that could provide exposure decentralized finance (DeFi) and blockchain initiatives to public firms.

Although there are not too many details available at this time, the SEC filing reveals that the DeFi and DLT focused fund could invest around 80% of its assets into firms that support blockchain tech-related initiatives as well as the digitization of finance.

The filing noted:

“The Goldman Sachs Innovate DeFi and Blockchain Equity ETF (the ‘Fund’) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Decentralized Finance and Blockchain Index (the ‘Index’).”

The markets that Goldman may be selecting from might include Australia, Canada, France, Germany, Hong Kong, Japan, South Korea, Switzerland, the Netherlands, the United Kingdom and the US.

At present, the SEC is looking at more than a dozen Bitcoin ETF applications. The regulator has been postponing its decisions on these matters for a long time now. Previously, VanEck and WisdomTree (among many others) have submitted crypto-related ETF applications include those for Ethereum, the world’s second largest crypto by market cap. However, Goldman’s recent filing appears to be one of first DeFi-focused ETF applications.

As covered, Goldman Sachs posted Q2 earnings that have topped expectations. Goldman CEO and Chairman David M. Solomon issued the following statement:

“Our second-quarter performance and record revenues for the first half of the year demonstrate the strength of our client franchise and our continued progress on our strategic priorities. While the economic recovery is underway, our clients and communities still face challenges in overcoming the pandemic. But, as always, I am proud of the dedication and resilience of our people, who have worked tirelessly to help our clients navigate the ever-changing market environment.”

Q2 revenues came in at $15.39 billion with net earnings at $5.49 billion or $15.02 earnings per share the second-highest net earnings and EPS ever.

For the first half of 2021, net revenues were $33.09 billion and net earnings were $12.32 billion.

Goldman’s Investment Banking division generated its second-highest quarterly net revenues of $3.61 billion.


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