Goldman Sachs submits its application for the listing of its first Bitcoin ETF product.

Goldman Sachs Asset Management department submitted a document to the U.S. Securities and Exchange Commission on Tuesday, revealing the company's plan to launch its first cryptocurrency exchange-traded fund (ETF) in the coming months. Just days after competitor Morgan Stanley launched its own physical bitcoin fund - the Morgan Stanley Bitcoin Trust, the bank introduced an ETF aimed at providing exposure to bitcoin prices and generating income from bitcoin options trading. These banks are launching in a challenging cryptocurrency investment environment. In recent months, cryptocurrency prices have fallen, partly due to fluctuations in precious metals, a widespread decline in tech stocks, and a weakening of risk sentiment caused by the U.S.-Iran war. The document does not disclose the proposed fees for the new ETF, which may launch by the end of June.