Goldman moves into private credit and Bitcoin ETFs

Goldman Sachs is pushing deeper into two corners of finance at once: private credit funding and bitcoin exchange-traded funds. (bloomberg.com, reuters.com) On April 14, Goldman Sachs Private Credit Corp. planned to raise about $500 million in the public bond market, and Bloomberg later reported the sale brought in $750 million. The vehicle is a non-traded business development company that makes direct loans to small and midsize companies. (bloomberg.com) The same day, Goldman’s asset-management arm filed with the United States Securities and Exchange Commission for the Goldman Sachs Bitcoin Premium Income Exchange-Traded Fund, its first bitcoin exchange-traded fund product. Reuters reported the filing, and the draft prospectus says the fund seeks current income while keeping “prospects for capital appreciation.” (reuters.com, sec.gov) A business development company is a public-market wrapper for private loans, and a non-traded one does not change hands freely on an exchange. Selling bonds on top of that loan portfolio gives the fund another way to borrow money from investors. (bloomberg.com) A bitcoin exchange-traded fund is a stock-market fund tied to bitcoin, so investors can buy shares in a brokerage account instead of holding the token directly. Goldman’s filing describes an income strategy, which usually means collecting option premiums rather than simply tracking bitcoin’s price one-for-one. (sec.gov, thestreet.com) The private-credit move lands as regulators and investors are scrutinizing retail-style private-credit funds more closely. Bloomberg reported that Goldman Sachs Private Credit Corp., which had about $15.7 billion in assets, met first-quarter redemption requests equal to 4.999% of outstanding shares after peers imposed tighter limits. (bloomberg.com, bloomberg.com) The bond sale also puts Goldman’s fund in a small but growing group of private-credit vehicles tapping public debt markets. Bloomberg reported it was the second private-credit fund to reach the investment-grade bond market that week, after Blue Owl. (bloomberg.com, bloomberg.com) On crypto, Goldman is arriving later than some rivals in listed bitcoin products, but not as a newcomer to bitcoin exposure. TheStreet reported in 2025 securities filings that Goldman had already increased its holdings of bitcoin exchange-traded funds, giving the bank indirect exposure before this week’s product filing. (thestreet.com, reuters.com) Goldman’s own investor materials describe asset and wealth management as one of the firm’s core businesses alongside financing and advisory work. This week’s filings show those businesses reaching for more permanent funding in private credit and a new fee stream in crypto-linked funds at the same time. (goldmansachs.com, goldmansachs.com)