Goldman Sachs

Goldman Sachs has agreed to acquire Innovator Capital Management for roughly $2 billion, bringing the issuer of defined-outcome exchange-traded funds under its asset management umbrella. The transaction includes a Bitcoin-linked structured fund, marking Goldman's deeper entry into crypto-linked investment products. S. ETF Index to mirror part of Bitcoin's gains while capping quarterly losses at 20%. The fund's current 71% participation rate means it captures 71% of any positive Bitcoin price move over that period. 3 million in market value. The acquisition expands Goldman's defined-outcome ETF business and strengthens its position in cryptocurrency-linked investment products for institutional and retail clients.

After dismissing cryptocurrencies as unsuitable for client portfolios in 2020, Goldman Sachs has become increasingly bullish on crypto and blockchain technology. From 2020 to 2024, the investment bank participated in 18 investments in blockchain companies, placing it among the most active global backers of early-stage sector firms. In the second quarter of 2024, Goldman bought approximately $419 million worth of Bitcoin ETF shares. 28 billion of iShares Bitcoin Trust and $288 million of Fidelity's Wise Origin Bitcoin Fund. The bank also boosted its Ethereum ETF exposure that quarter to $476 million through BlackRock's and Fidelity's Ethereum products.