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The pile of exchange-traded fund (ETF) applications received by the United States Securities and Exchange Commission just keeps growing. The latest one came from the New York-based investment bank and financial services company Goldman Sachs.
Once approved, Goldman Sachs’s DeFi exchange-traded fund will target public companies and offer them exposure in decentralized finance (DeFi) and blockchain. According to the bank’s filing on July 26, at least 50 percent of the DeFi exchange-traded fund’s assets will be invested in firms that advance the digitization of finance and blockchain technology, Coindesk reported.
The investment bank has already chosen the markets that its DeFi ETF would be investing in. It will be invested in blockchain and DeFi businesses located in Australia, Canada, France, Germany, Hong Kong, Japan, South Korea, Switzerland, the Netherlands, the United Kingdom, and the United States.
The SEC is yet to approve the numerous pending Bitcoin ETF applications, such as those filed by Galaxy Digital, NYDIG, and Van Eck. However, Goldman Sachs’s blockchain and DeFi ETF “stands a reasonable chance of getting the go-ahead,” according to Ledger Insights.
The reason for this is that Goldman Sachs’s EFT won’t provide direct exposure to Bitcoin to its clients. Rather, the fund would be invested in companies that belong to the decentralized finance and blockchain sectors.
In addition, the SEC has already approved the Bitwise Crypto Industry Innovators ETF, an exchange-traded fund that’s similar to the one proposed by Goldman. A third of the Bitwise ETF’s assets are invested in MicroStrategy, which owns the largest BTC holding among publicly listed companies, crypto exchange Coinbase, and Silvergate Capital, a bank that is focused on the crypto sector.
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