{"id":71741,"date":"2026-04-15T09:09:23","date_gmt":"2026-04-15T02:09:23","guid":{"rendered":"https:\/\/hbbgroup.net\/goldman-sachs-to-use-options-strategy-for-planned-bitcoin-income-etf\/"},"modified":"2026-04-15T09:09:23","modified_gmt":"2026-04-15T02:09:23","slug":"goldman-sachs-to-use-options-strategy-for-planned-bitcoin-income-etf","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/goldman-sachs-to-use-options-strategy-for-planned-bitcoin-income-etf\/","title":{"rendered":"Goldman Sachs to use options strategy for planned Bitcoin income ETF"},"content":{"rendered":"<div data-testid=\"html-renderer-container\">\n<p>Goldman Sachs has filed with the US Securities and Exchange Commission (SEC) to launch a Bitcoin-linked exchange-traded fund designed to generate income while limiting exposure to the cryptocurrency\u2019s volatility, according to a preliminary prospectus dated April 14.<\/p>\n<p>The <a title=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1479026\/000119312526154126\/d58512d485apos.htm\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1479026\/000119312526154126\/d58512d485apos.htm\" target=\"_blank\" rel=\"nofollow noopener\">proposed<\/a> Goldman Sachs Bitcoin Premium Income ETF would aim to deliver current income alongside capital appreciation by investing primarily in spot Bitcoin exchange-traded products (ETPs) and related options, rather than holding Bitcoin (<a title=\"http:\/\/cointelegraph.com\/bitcoin-price\" href=\"http:\/\/cointelegraph.com\/bitcoin-price\" target=\"_blank\" rel=\"nofollow noopener\">BTC<\/a>) directly.<\/p>\n<p>The fund would generate yield by selling call options on Bitcoin-linked ETPs, a strategy that can produce premium income but may cap upside in rising markets.<\/p>\n<p>According to the filing, the actively managed fund would maintain at least 80% exposure to Bitcoin-linked assets and could allocate as much as 25% of its holdings through a Cayman Islands subsidiary, a structure commonly used to gain commodities exposure under the US Investment Company Act.<\/p>\n<p><iframe width=\"100%\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/1temo_SAffU?start=\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen loading=\"lazy\"><\/iframe><\/p>\n<p>The fund expects to vary its options \u201coverwrite\u201d strategy \u2014 that is, selling call options against its holdings \u2014 between roughly 40% and 100% of its Bitcoin exposure depending on market conditions, and may distribute a significant portion of returns as income or return of capital.<\/p>\n<p>It would gain exposure through a mix of spot Bitcoin ETPs and derivatives, combining direct holdings with options-based positions. The strategy may perform better in flat or moderately rising markets but could underperform during strong rallies as upside is capped.<\/p>\n<p>Eric Balchunas, ETF analyst at Bloomberg, described the product as \u201cBoomer Candy\u201d in a post on <a title=\"https:\/\/x.com\/EricBalchunas\/status\/2044071354039779593\" href=\"https:\/\/x.com\/EricBalchunas\/status\/2044071354039779593\" target=\"_blank\" rel=\"nofollow noopener\">X<\/a>,  suggesting the structure may appeal to investors seeking income and lower volatility over full upside exposure.<\/p>\n<figure><img decoding=\"async\" alt=\"Goldman Sachs, Banks, Ethereum, Gold, Solana, MicroStrategy\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2026-04\/019d8d5f-c2de-739a-8c5c-311b7052e5c1.png\"><figcaption><em>Source: <\/em><a title=\"https:\/\/x.com\/EricBalchunas\/status\/2044071354039779593\" href=\"https:\/\/x.com\/EricBalchunas\/status\/2044071354039779593\" target=\"_blank\" rel=\"nofollow noopener\"><em>Eric Balchunas<\/em><\/a><\/figcaption><\/figure>\n<p>Separately, Goldman Chair and CEO David Solomon told analysts on Monday that the company last week <a title=\"https:\/\/am.gs.com\/en-us\/individual\/news\/press-release\/2026\/goldman-sachs-completes-acquisition-of-innovator-capital-management\" href=\"https:\/\/am.gs.com\/en-us\/individual\/news\/press-release\/2026\/goldman-sachs-completes-acquisition-of-innovator-capital-management\" target=\"_blank\" rel=\"nofollow noopener\">closed<\/a> on its acquisition of Innovator Capital Management, an issuer of defined outcome exchange-traded funds. The addition of Innovator\u2019s 170 ETFs puts Goldman in the top 10 of global active ETF providers, Solomon said on the first-quarter earnings call.<\/p>\n<p><em><strong>Related:<\/strong>\u00a0<\/em><a title=\"https:\/\/cointelegraph.com\/news\/bitcoin-etfs-291-million-outflow-btc-surge-74000\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-etfs-291-million-outflow-btc-surge-74000\" target=\"_self\" rel><em><strong>Bitcoin ETFs clock $291M outflows as BTC blasts past $74K<\/strong><\/em><\/a><\/p>\n<h2>Active crypto ETFs gain traction as strategies evolve beyond price tracking<\/h2>\n<p>The filing from Goldman Sachs comes as asset managers move beyond basic price-tracking crypto funds, with more complex and actively managed strategies gaining traction across the ETF market.<\/p>\n<p>In January, Bitwise Asset Management <a title=\"https:\/\/cointelegraph.com\/news\/bitwise-bitcoin-gold-currency-debasement-etf\" href=\"https:\/\/cointelegraph.com\/news\/bitwise-bitcoin-gold-currency-debasement-etf\" target=\"_self\" rel>launched an actively managed ETF<\/a> designed to hedge against currency debasement. The fund allocates across assets including Bitcoin, precious metals and mining equities, reflecting a broader push to integrate digital assets into diversified, macro-focused portfolios.<\/p>\n<p>In March, T. Rowe Price amended its filing with the SEC for a <a title=\"https:\/\/cointelegraph.com\/news\/t-rowe-price-amends-sec-filing-active-crypto-etf\" href=\"https:\/\/cointelegraph.com\/news\/t-rowe-price-amends-sec-filing-active-crypto-etf\" target=\"_self\" rel>proposed actively managed crypto ETF<\/a> that would invest directly in digital assets. The updated prospectus outlines a portfolio that may include assets such as Bitcoin, Ethereum (<a title=\"http:\/\/cointelegraph.com\/ethereum-price\" href=\"http:\/\/cointelegraph.com\/ethereum-price\" target=\"_blank\" rel=\"nofollow noopener\">ETH<\/a>) and Solana (<a title=\"http:\/\/cointelegraph.com\/solana-price-index\" href=\"http:\/\/cointelegraph.com\/solana-price-index\" target=\"_blank\" rel=\"nofollow noopener\">SOL<\/a>).<\/p>\n<p>Fund issuer 21Shares is also <a title=\"https:\/\/cointelegraph.com\/news\/active-management-seen-as-next-phase-for-crypto-etfs-21shares-duncan-moir\" href=\"https:\/\/cointelegraph.com\/news\/active-management-seen-as-next-phase-for-crypto-etfs-21shares-duncan-moir\" target=\"_self\" rel>expanding into more sophisticated strategies<\/a>. In February, the company <a title=\"https:\/\/cointelegraph.com\/news\/strategy-yield-europe-21shares-strc-etp\" href=\"https:\/\/cointelegraph.com\/news\/strategy-yield-europe-21shares-strc-etp\" target=\"_self\" rel>launched a Europe-listed ETP<\/a> tied to Strategy\u2019s preferred stock (STRC), offering exposure to a yield-generating instrument linked to the company\u2019s Bitcoin-focused capital strategy.<\/p>\n<p>Speaking to Cointelegraph, 21Shares President Duncan Moir said the shift reflects broader demand for more advanced products, noting that crypto is \u201cparticularly well-suited to active management.\u201d<\/p>\n<p>According to a March <a title=\"https:\/\/www.goldmansachs.com\/insights\/articles\/why-active-etfs-are-gaining-momentum-as-investors-seek-new-solutions\" href=\"https:\/\/www.goldmansachs.com\/insights\/articles\/why-active-etfs-are-gaining-momentum-as-investors-seek-new-solutions\" target=\"_blank\" rel=\"nofollow noopener\">report<\/a> compiled by Morningstar and Goldman Sachs Asset Management, active ETFs held nearly $1.8 trillion in assets globally at the end of 2025, with flows significantly outpacing passive products.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2026-04\/019d8d4d-239d-7cab-9952-02398ee97b69.png\"><figcaption>\u201cWhy Active ETFs Are Gaining Momentum as Investors Seek New Solutions.\u201d Source: <a title=\"https:\/\/www.goldmansachs.com\/insights\/articles\/why-active-etfs-are-gaining-momentum-as-investors-seek-new-solutions\" href=\"https:\/\/www.goldmansachs.com\/insights\/articles\/why-active-etfs-are-gaining-momentum-as-investors-seek-new-solutions\" target=\"_blank\" rel=\"nofollow noopener\">Goldmansachs.com<\/a><\/figcaption><\/figure>\n<p><em><strong>Magazine: <\/strong><\/em><a title=\"https:\/\/cointelegraph-magazine.com\/anger-grows-polymarket-bets-iran-war\/\" href=\"https:\/\/cointelegraph-magazine.com\/anger-grows-polymarket-bets-iran-war\/\" target=\"_blank\" rel=\"nofollow noopener\"><em><strong>Should users be allowed to bet on war and death in prediction markets?<\/strong><\/em><\/a><\/p>\n<p><template data-type=\"markets_outlook\" data-name=\"subscription_form\" data-label=\"Subscription Form: Markets Outlook\"><\/template><\/div>\n<p>Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph\u2019s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy <a href=\"http:\/\/cointelegraph.com\/editorial-policy\">https:\/\/cointelegraph.com\/editorial-policy<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Goldman Sachs has filed with the US Securities and Exchange Commission (SEC) to launch a Bitcoin-linked exchange-traded fund designed to [&hellip;]<\/p>","protected":false},"author":5,"featured_media":71743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-71741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/71741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=71741"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/71741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/71743"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=71741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=71741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=71741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}