According to U.S. Securities and Exchange Commission (SEC) Form D filings, clients of Goldman Sachs who want exposure to Ethereum (ETH) have been offered the same in Galaxy’s ETH Fund.
In Brief:
- The bank ties up with Galaxy Digital for its crypto-curious clients to get exposed to the same.
- SEC filing reveals Goldman will receive an introduction fee for clients it brings to Galaxy.
In the filing, Goldman Sachs & Co. LLC was named as a recipient of introduction fees for referring clients to the fund by Galaxy Institutional Ethereum Fund
The exact amount purchased by Goldman clients is unknown, but the minimum investment per investor is $250,000, and referring to the document, Galaxy’s ETH Fund has made slightly more than $50.5 million in sales since its inception.
The Galaxy Ethereum Fund is a private fund that aims to provide institutional-quality ETH exposure. It seeks to provide institutional investors who aren’t interested in holding or trading it themselves – outsourced, trading, operations, finance, and custody/digital asset private key protection services.
Mike Novogratz, a billionaire crypto evangelist who has been recognized as a bullish investor in Bitcoin and other cryptocurrencies, founded cryptocurrency brokerage firm Galaxy Digital.
Galaxy Digital is listed on Canada’s Toronto Stock Exchange and registered in the Cayman Islands. SEC Companies use Form D to notify the SEC that they have made an offering of securities but have not registered these securities with the SEC.
The company became the world’s largest digital currency investment company in the world as it crossed over $3 billion bar, after which it announced that the company would be issuing $500 million in convertible notes.
