Goldman Sachs has recently made an application to the U.S. Securities and Exchange Commission (SEC) on April 14, 2026, to launch a Bitcoin Premium Income ETF. This product intends to provide a regular payout from Bitcoin exposure, with the bank not holding Bitcoin directly as an underlying asset.
The filing arrives six days after Morgan Stanley became the first major U.S. bank to issue its own spot Bitcoin ETF. Two of Wall Street’s biggest names are now in the Bitcoin ETF market, each with a different approach.
What Goldman Sachs Filed With the SEC
Goldman Sachs Asset Management submitted a Form 485APOS post-effective amendment under the Goldman Sachs ETF Trust on April 14. The proposed fund, the Goldman Sachs Bitcoin Premium Income ETF, lists current income as its primary objective, with capital appreciation as secondary.
The fund will put at least 80% of its net assets into Bitcoin-linked instruments, primarily shares of existing spot Bitcoin ETFs and related options. It generates income by selling covered call options representing 40% to 100% of its Bitcoin exposure, collecting premiums from buyers as a recurring yield stream for shareholders.
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GSAM portfolio managers Raj Garigipati and Oliver Bunn will actively manage the fund. The filing proposes it becomes effective 75 days after submission, placing the earliest possible launch in late June or early July 2026.
The registration statement also allows up to 25% of assets to flow through a Cayman Islands subsidiary, which can invest directly in spot Bitcoin products under broader rules.
The Covered Call Trade-Off
A covered call strategy is common in equity markets, Goldman already runs similar income structures on the S&P 500 and Nasdaq-100. Applying it to Bitcoin at Goldman’s scale is new territory.
The fund collects option premiums as steady income, particularly when Bitcoin trades sideways. The cost is capped on the upside, if Bitcoin rallies above the strike prices of sold calls, gains are limited. Investors give up some potential profit in exchange for regular income.
Bloomberg senior ETF analyst Eric Balchunas read the filing as a client demand signal, writing on X that Goldman is likely hearing from clients who want Bitcoin but with less volatility and are willing to trade some upside for income.
BlackRock’s iShares unit filed a similar product, the iShares Bitcoin Premium Income ETF, in January 2026. Goldman’s entry puts two of the world’s largest asset managers in competition for the income-focused Bitcoin investor.
Morgan Stanley’s MSBT Sets the Backdrop
Goldman’s filing lands one week after Morgan Stanley’s MSBT set a new benchmark for bank-issued Bitcoin products. MSBT launched on NYSE Arca on April 8, 2026, as the first spot Bitcoin ETF issued by a U.S. bank.
The fund drew approximately $34 million in net inflows on day one, with over 1.6 million shares traded, the strongest opening day in Morgan Stanley’s entire ETF history. MSBT charges a 0.14% expense ratio, the lowest of any U.S. spot Bitcoin ETF, undercutting BlackRock’s IBIT by 11 basis points.
Balchunas ranked the debut in the top 1% of all ETF launches and called it arguably the biggest Bitcoin ETF launch since they began, projecting a first-year AUM target of $5 billion.
Amy Oldenburg, Morgan Stanley’s Head of Digital Asset Strategy, told Bloomberg TV that it was the best first day of trading for any of our ETFs. We had to start with Bitcoin, but this is just the first of a long roadmap of new products both on the asset management and wealth business sides.
On-chain data from HODL15Capital confirmed MSBT purchased 430 BTC on its first day. Morgan Stanley oversees roughly $6 to $8 trillion in client assets through approximately 16,000 financial advisors, a distribution advantage rivals without a wealth management platform cannot replicate.
Wall Street’s Bitcoin Product Menu Is Expanding
Bitcoin ETFs collectively held over $100 billion in cumulative assets under management as of mid-April 2026, with BlackRock’s IBIT accounting for more than $53 billion. Single-day inflows hit $471 million on April 6, the strongest in over a month, before Morgan Stanley’s debut added further momentum.
Goldman manages roughly $3.6 trillion in assets. CEO David Solomon holds a small personal Bitcoin position and has described it as an interesting speculative asset, though regulatory constraints currently prevent the bank from holding or trading Bitcoin directly.
Goldman Sachs is not trying to replicate what Morgan Stanley built. Its covered call structure targets investors who want Bitcoin exposure without riding full price volatility, a different audience, a different product.
