Goldman Sachs Offering ETH Fund to Clients Through Galaxy Digital

Goldman Sachs (GS) is offering interested clients access to an ether (ETH) fund issued by Galaxy Digital, according to regulatory documents filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday.

A source from the world of institutional crypto trading confirmed to CoinDesk that Goldman acts as a feeder to the Galaxy fund.

The amended Form D filing states “Goldman Sachs & Co. LLC will receive an introduction fee” for clients it brings to the “Galaxy Institutional Ethereum Fund.” Galaxy issued that fund last March.

With a $250,000 minimum investment, the fund has sold over $50 million to 28 clients, filings show. It’s difficult to say how much, if any, flow Goldman is responsible for as the investment bank was not involved when it first launched.

It’s not the first Goldman Sachs tie-up with Galaxy Digital, the crypto investment firm helmed by Mike Novogratz. In June, Galaxy agreed to funnel liquidity to Goldman Sachs’ bitcoin (BTC) futures offering.

Galaxy offers a bitcoin fund to Morgan Stanley (MS) clients in an arrangement that is similar to this one with Goldman, a review of the filings shows.

Read more: Morgan Stanley Bitcoin Fund Draws $29.4M in 2 Weeks, Filings Show

CAIS Capital LLC, an alternative investments platform, will receive “placement fees” for referring clients to the institutional fund, Tuesday’s SEC filing said. It’s separately involved in a different Galaxy-backed Ethereum fund whose filing also hit Tuesday.

A representative for Goldman Sachs had no immediate comment. A Galaxy Digital spokesperson declined to comment.