Goldman Sachs has filed with the U.S. Securities and Exchange Commission to launch a Bitcoin Premium Income ETF that aims to deliver current income while shielding investors from Bitcoin’s full volatility. The preliminary prospectus, dated April 14, outlines a vehicle that would invest primarily in spot Bitcoin exchange-traded products (ETPs) and related options rather than holding BTC directly.

According to the filing, the actively managed fund would generate yield by selling call options on Bitcoin-linked ETPs. This “overwrite” strategy can produce premium income but may cap upside in a strong rally. The fund would maintain at least 80% exposure to Bitcoin-linked assets and could allocate as much as 25% of its holdings through a Cayman Islands subsidiary, a structure commonly used to access commodities exposure under the U.S. Investment Company Act.

The prospectus indicates the fund will vary its overwrite policy between about 40% and 100% of its Bitcoin exposure depending on market conditions, and it may distribute a substantial portion of returns as income or a return of capital. Exposure would be gained through a mix of spot Bitcoin ETPs and derivatives, combining direct holdings with options-based positions. The strategy is described as potentially stronger in flat or moderately rising markets, but it could underperform during sharp rallies when upside is capped.

Bloomberg ETF analyst Eric Balchunas described the product as “Boomer Candy” in a post on X, suggesting the structure could attract investors seeking income and lower volatility relative to full upside exposure to BTC. Eric Balchunas noted the appeal lies in capturing yield while mitigating some of Bitcoin’s amplitude, a dynamic that may resonate with risk-managed portfolios.

Separately, Goldman Chair and CEO David Solomon told analysts that Goldman had recently closed its acquisition of Innovator Capital Management, an ETF issuer known for defined-outcome products. Solomon said the acquisition, which adds Innovator’s 170 ETFs to Goldman’s lineup, places the bank in the top 10 of global active ETF providers, a signal of the bank’s broader push into more sophisticated ETF strategies.

Cointelegraph’s coverage of related developments underscores a broader shift in the crypto ETF landscape—from passive price-tracking products to actively managed and outcome-oriented strategies. Bitcoin ETFs have drawn attention as asset managers experiment with yield-generating approaches and macro-linked allocations, reflecting demand for crypto exposure that blends returns with risk controls.

In a related trend report, Bitwise Asset Management in January launched an actively managed ETF designed to hedge against currency debasement, allocating across Bitcoin, precious metals, and mining equities. In March, T. Rowe Price amended its filing for a proposed actively managed crypto ETF that could hold directly in digital assets such as Bitcoin, Ethereum and Solana. Meanwhile, 21Shares has been expanding into more sophisticated active-management structures, including Europe-listed instruments tied to the firm’s Bitcoin-focused strategies. Duncan Moir, 21Shares President, frames these moves as a response to growing demand for active crypto products that can operate within diversified portfolios.

Morningstar and Goldman Sachs Asset Management published a March report examining why active ETFs are gaining momentum, noting that active ETFs globally held nearly $1.8 trillion in assets at the end of 2025, with flows significantly outpacing passive equivalents. The report highlighted a shift in investor appetite toward products that can adapt to changing market regimes, rather than simply tracking an index.

Key takeaways

• Goldman Sachs’ proposed Bitcoin Premium Income ETF would invest primarily in spot Bitcoin ETPs and related options, not hold Bitcoin directly, and would target at least 80% exposure to Bitcoin-linked assets with up to 25% via a Cayman Islands subsidiary.
• The fund would generate yield by selling call options on Bitcoin-linked ETPs, with an overwriting strategy that could range from 40% to 100% of Bitcoin exposure depending on market conditions, potentially distributing income or return of capital.
• The product represents a broader move toward active crypto ETFs, reflecting a demand for income-focused and risk-managed crypto exposure beyond simple price-tracking funds.
• Industry momentum behind active crypto strategies is supported by data showing growing assets in active ETFs (nearly $1.8 trillion globally by end-2025) and continued expansions from Bitwise, T. Rowe Price, and 21Shares, among others.

Active strategies expanding beyond price tracking

The Goldman filing sits within a wider pattern of asset managers exploring active and outcome-focused crypto funds. Bitwise Asset Management, for instance, debuted an actively managed ETF aimed at hedging against currency debasement, while T. Rowe Price has amended its filing to pursue direct crypto holdings in an actively managed format. 21Shares has pushed into more sophisticated strategies, including Europe-listed products tied to its Bitcoin-centric approach.

Industry participants say the shift toward active management reflects investors’ preference for instruments that can adapt to macro conditions and provide additional income streams. Duncan Moir of 21Shares noted that crypto assets are particularly well-suited to active management given their structural volatility and evolving use cases. A March Morningstar-Goldman Sachs Asset Management report reinforces the trend, showing high growth in active ETF assets and suggesting continued momentum for active products in digital-asset markets.

What this means for investors and the market

For investors, Goldman’s proposed Bitcoin Premium Income ETF could offer a familiar mechanism—income generation through option premiums—applied to the crypto frontier, with a measured exposure to BTC through a diversified mix of ETPs and derivatives. The upside is that the fund seeks to reduce some volatility by selling calls and by using a Cayman-domiciled subsidiary structure to access commodity-like exposure. However, the trade-off is a capped upside during strong upside runs, which may diminish the potential for dramatic crypto rallies.

Regulatory scrutiny will be a key factor going forward. The filing lays out a framework that, if approved, would give investors a new way to gain crypto exposure through an income-oriented vehicle rather than direct ownership. Market participants will watch how the SEC weighs such designs, and whether additional disclosure or structural tweaks emerge as the product path unfolds.

Beyond Goldman’s filing, the broader trend toward actively managed crypto ETFs points to a more sophisticated ecosystem where macro themes, volatility regimes, and income considerations intersect with digital-asset exposure. As Morningstar and Goldman Sachs Asset Management highlighted, active ETFs have grown to nearly $1.8 trillion in global assets by late 2025, underscoring a shift toward products designed for more nuanced risk/return profiles.

For traders and institutions, the era of crypto ETFs that blend yield generation with strategic exposure may offer new hedging tools and portfolio options. Yet, as with any new financial product, performance will hinge on market regimes, liquidity, and the SEC’s eventual stance on such structures. The ongoing evolution—driven by major banks and dedicated ETF issuers—suggests that 2026 could feature more active crypto wrappers that balance income, risk, and capital appreciation in innovative ways.

As readers monitor next steps, keep an eye on how regulatory clearances shape the rollout of these products and how performance compares with traditional crypto income vehicles. The coming quarters will reveal whether Goldman’s approach, and similar strategies, can deliver reliable income without sacrificing the upside that has powered Bitcoin’s long-run narrative.

Key Insights

• The TAO token of Bittensor falls over 20% post-exit of Covenant AI, citing governance issues.
• Fears of centralization impact the sentiment of the crypto market negatively.
• Currently, TAO is testing the $250-$263 support level, which requires a recovery above $280.

Price Plunge for TAO Due to Governance Issues

The native coin of Bittensor named TAO fell dramatically by more than 20% to reach approximately $273. This dramatic price plunge came as a rude shock to many traders after witnessing steady gains by the token.

The reason behind this selloff could be the unexpected departure of Covenant AI from the Bittensor network. Although departures happen all the time in blockchain projects, the reason why this departure became noteworthy was due to the substantial reputation that Covenant AI holds in the ecosystem.

Changes in Market Sentiment Happen Quickly

The news about Covenant AI being accused spread quickly throughout cryptocurrency circles, leading to a swift change in market sentiments. Investors who used to consider Bittensor a potential decentralized AI platform started rethinking the possible dangers related to governance transparency and sustainability in the long run.

Apart from damaging the reputation of the project, the departure of Covenant AI also led to negative changes in terms of finances. The organization is said to have liquidated a significant number of TAOs, putting additional pressure on the already falling price of the asset. Moreover, as soon as traders saw how Covenant AI sold its tokens, they rushed to do the same to avoid losses.

Thus, the market sentiment worsened quickly. The governance mechanism of Bittensor was accused of centralization and failing to distribute governance among many members of the network.

Liquidity Puts Downward Pressure on TAO Price

This led to massive selling by leveraged investors whose trades depended on further increases in the price. Their exits accelerated the downward trend. In other words, forced liquidations added further pressure on the TAO price as new sell orders entered the market after the positions were liquidated.

In addition, breaking below $300 was particularly important as it showed how strong bullish sentiment had been before the breakdown. Notably, just a few days earlier, the price was above $340.

Critical Support Zone Comes Into Focus

TAO is now attempting to stabilize in the mid-$260 range, an area that aligns with previous support levels and technical retracements. The immediate support zone between $250 and $263 has become crucial for short-term price action.

If this range holds, the market could enter a consolidation phase, allowing buyers to regain confidence and potentially rebuild momentum. A move back above $280 would be an early signal of recovery and renewed bullish interest.

However, risks remain elevated. If TAO fails to maintain support above $250, the next downside target could emerge around $233. This scenario would likely confirm continued bearish pressure and prolonged uncertainty.

Prognosis Is Still Unclear

Recent developments in relation to Bittensor show how the issue of governance can affect investor sentiment and confidence, particularly within decentralized networks.

Although the project may still have good prospects for success within the realm of AI-blockchain applications, investor sentiment currently remains highly volatile.

In the meantime, investors will be paying close attention to how the price develops, along with any progress within the network itself. The position taken by the Bittensor development team regarding any governance problems may become critical in determining future moves.

For the moment, however, caution appears to prevail.

Kevin Warsh, President Trump’s nominee to chair the Federal Reserve, filed his 69-page financial disclosure with the U.S. Office of Government Ethics, clearing the last bureaucratic hurdle before his confirmation hearing, now expected next week.

The filing reveals combined assets with his wife of at least $192 million — but it’s the crypto-specific holdings buried deep in the document that should interest this industry the most.

Warsh, through a web of venture fund structures, holds equity positions in more than a dozen blockchain and digital asset companies spanning DeFi lending, decentralized derivatives, Layer 1 and Layer 2 networks, prediction markets, and Bitcoin payments infrastructure. And he has pledged to divest the majority of them.

The man who will oversee stablecoin regulation, bank crypto custody policy, and any future central bank digital currency decisions has, until now, been personally invested across the crypto ecosystem, though the size of those holdings was unclear.

The Full Crypto Portfolio

CoinDesk reviewed the complete 69-page OGE Form 278e. Warsh’s crypto and blockchain-related holdings are concentrated in two fund structures: DCM Investments 10 LLC (through a vehicle called Abstract Holdings) and a series of funds labeled AVF I, AVF II, AVF III, and AVGF I and II. Here is every identifiable crypto and blockchain position:

DeFi and trading protocols:

• Compound — Algorithmic crypto money markets, one of the foundational DeFi lending protocols
• dYdX — Decentralized derivatives trading exchange
• Lighter — Decentralized exchange protocol
• Eulith — Crypto trading platform

Layer 1 and Layer 2 networks:

• Solana — High-performance Layer 1 blockchain
• Optimism — Ethereum scaling Layer 2
• Blast — Yield-generating Ethereum Layer 2
• Zero Gravity — Layer 2 AI blockchain platform
• DeSo — Social crypto network

Bitcoin-specific:

• Flashnet — Lightning Network Bitcoin trading platform
• Lightning Network — Off-chain Bitcoin payment network (a direct holding)

Crypto investment and financial infrastructure:

• Polychain — Crypto investment firm
• Scalar Capital — Blockchain investment firm
• Polymarket — Prediction market platform
• Lemon Cash — Crypto financial services platform
• Alpaca — Financial assets API infrastructure
• OnJuno — Crypto-enabled neobank
• OneSafe — DeFi data infrastructure
• Ridian — Crypto portfolio automation
• SkyLink — DeFi portfolio management
• Caliza — Global USD banking platform
• Kinetic — Digital asset exchange platform

Web3, NFTs, and crypto-adjacent:

• Crossmint — NFT developer tools
• CreatorDAO — Creator investment platform
• Friends With Benefits — Web3 community platform
• Dapper Labs — Consumer digital assets (NBA Top Shot)
• Tenderly — Ethereum developer platform
• Vana — Incentivized data collection platform
• Structure (Zaibatsu Heavy Industries) — Blockchain retail trading
• Metatheory — Web3 gaming (held separately as a direct SPV)

In addition, Warsh previously invested in Bitwise Asset Management, the firm behind one of the spot bitcoin ETFs, though that position does not appear on the current disclosure.

What he has to sell — and what that means

Most of these crypto positions sit within fund vehicles whose individual line items are reported without dollar values, which, under OGE rules, means each is worth less than $1,000. In other words, they’re small venture bets, not concentrated positions.

But there are bigger pots that almost certainly contain crypto exposure. Warsh holds over $100 million in Juggernaut Fund LP, whose underlying assets are shielded by confidentiality agreements. He also holds dozens of positions in THSDFS LLC, some valued at $1–$5 million individually, all similarly opaque. Both will require full divestiture.

OGE certifying official Heather Jones flagged these in her review, noting that Warsh will be in compliance with the Ethics in Government Act once he completes the divestitures. The open question is how that divestiture plays out for illiquid venture stakes. Selling a position in Compound or dYdX token holdings is straightforward; unwinding LP stakes in Polychain or Bessemer Venture Associates funds is not.

The conflict question

Even after selling, Warsh will face a complicated recusal landscape. Federal ethics rules generally require a one-year cooling-off period for matters directly affecting recent financial interests. That could be relevant as the Fed weighs in on:

• Stablecoin legislation: Congress is actively debating stablecoin frameworks that would define which institutions can issue and custody stablecoins — directly impacting DeFi protocols and crypto neobanks like those in Warsh’s portfolio.
• Bank crypto custody guidance: The Fed’s supervisory stance on whether banks can custody digital assets has been one of the most contested policy questions in crypto since 2022.
• Tokenized deposits and securities: The Fed has a direct role in approving or discouraging bank experimentation with tokenized deposits, an area adjacent to several Warsh holdings.
• CBDC research: Though political support for a U.S. CBDC has cooled, the Fed’s ongoing research intersects with the payment network infrastructure represented by Lightning Network and Solana holdings.

The Bigger Picture

What’s striking is less the size of the crypto bets — most are small — but more that they exist at all. This is not a nominee who passively held bitcoin through a brokerage account. Warsh deliberately sought exposure to the specific protocols, networks, and infrastructure companies that the Fed’s regulatory and monetary policy decisions most directly affect.

His broader financial profile underscores the point. Warsh earned $10.2 million in consulting fees from Duquesne Family Office, the investment arm of Stanley Druckenmiller, one of crypto’s most prominent macro investors. He collected $1.55 million from GoldenTree Asset Management, $750,000 from Cerberus Capital Management, and another $750,000 in honoraria from Brevan Howard — all firms with significant digital asset trading operations.

His speaking fee circuit in the first half of 2025 alone totaled over $780,000 from firms including TPG, Warburg Pincus, State Street, Eli Lilly, and Centerview Partners.

Combined with spouse Jane Lauder’s estimated $1.9 billion net worth, Warsh would be among the wealthiest Fed chairs in modern history.

What comes next

Senate Banking Committee chair Tim Scott (R-S.C.) said Tuesday that a confirmation hearing will be held next week. But Sen. Thom Tillis (R-N.C.) continues to block any final vote until the Justice Department drops its criminal investigation of current Fed Chair Jerome Powell, whose term expires May 15.

The crypto holdings will almost certainly come up in questioning. Senators on both sides have grown more focused on financial conflicts at the Fed, and Warsh’s portfolio gives them specific, named companies to ask about.

For the crypto industry, the Warsh disclosure is a double-edged signal. On one hand, a Fed chair with personal venture exposure to DeFi and blockchain infrastructure may have more nuanced views on the technology than predecessors who had none. On the other hand, the mandatory divestiture and recusal obligations could constrain his ability to act on whatever sympathies those investments imply — at least in the first year.

ECB chief economist Philip Lane warned the central bank could still raise interest rates if inflation’s impact lasts longer than expected, keeping tightening risks alive even after March’s pause.

European Central Bank chief economist Philip Lane has warned that interest rates may yet rise if inflation in the euro area proves more persistent than policymakers currently expect, keeping the door open to further tightening even after the ECB held borrowing costs steady in March.

According to Jinshi’s summary of Lane’s latest remarks, the Governing Council member said that “if the impact of inflation lasts for a longer period, the European Central Bank will consider raising interest rates,” underlining that the fight against above‑target price growth is not over.

His comments echo recent guidance from ECB President Christine Lagarde, who told the Financial Times that “if we expect inflation to deviate significantly and persistently from target, the response must be appropriately forceful or persistent,” signalling that rate hikes remain on the table if price pressures re‑accelerate.

In its March policy decision, the ECB left its three key interest rates unchanged and reiterated that it is “determined to ensure that inflation stabilises at the 2% target in the medium term,” while acknowledging that the conflict in the Middle East has created upside risks for inflation via higher energy costs.

The central bank’s latest projections see headline inflation averaging 2.6% in 2026 and hovering around 2% in 2027 and 2028, but officials including Lane have flagged that wage dynamics and firms’ price‑setting plans will be watched closely at “every meeting” to judge whether those forecasts remain credible.

Lagarde has also stressed that “self‑reinforcing mechanisms” could take hold if inflation expectations drift away from the target, warning that the risk of de‑anchoring would “become acute” without a sufficiently firm response, a stance that has kept markets wary of declaring the hiking cycle definitively over.

Traders in money markets currently price in two to three ECB rate increases by year‑end, which would lift the main policy rate toward a range of roughly 2.50% to 2.75%, with the timing seen as highly sensitive to incoming inflation prints and developments in energy markets.

For crypto investors, Lane’s signal that rates could still rise if inflation lingers adds another macro variable to watch alongside the European inflation data and central bank communications that crypto.news has tracked in previous coverage of ECB decisions and their spillover into Bitcoin and Ethereum markets.

Binance founder Changpeng Zhao (CZ) dedicated a considerable portion of his autobiography, Freedom of Money, to talking about somebody called Wei Zhou.

Indeed, Zhao is this fifth most mentioned person in the book, tied with Sam Bankman-Fried (SBF) with 23 mentions. But who is he?

Zhao joined Binance from Goldman Sachs in 2018 as its first chief financial officer (CFO).

He’d previously shepherded two companies through NYSE and NASDAQ IPOs, and in Binance’s eyes, he brought institutional credibility that the then-one-year-old crypto exchange desperately needed.

Zhou is now CEO of Coins.ph, a Philippines-based crypto wallet and exchange that he acquired from Indonesian super-app Gojek in 2022 for roughly $200 million. 

He also advises Old Fashion Research, a blockchain fund run by former Binance executives, as well as serving as vice chairman of the gay dating app Grindr.

Wei Zhou : From CZ’s first CFO to his nemesis

CZ used Freedom of Money, written largely during his time in prison and published on April 8, to paint Zhao as an unreliable subordinate-turned-antagonist.

Specifically, it frames his tenure around two grievances. 

The first involves Zhao’s role in Binance’s FTX investment. 

FTX launched in May 2019 and within months, SBF approached Binance for investment. Zhao championed the deal, yet CZ claims that he initially declined. 

However, by late 2019, FTX lowered its valuation and sweetened the offer with a Binance Coin (BNB) for FTX token (FTT) token swap. Binance agreed, taking a 20% stake in SBF’s company that would implode three years later.

Fortunately for CZ, Binance was able to sell its FTX equity, before FTX went bankrupt.

Fintech Alliance Philippines and Binance

CZ also complained about Zhao’s role in Binance’s Philippine expansion. 

In September 2022, Zhao wrote to the chairman of Fintech Alliance Philippines, questioning a blockchain education partnership between the Alliance and Binance. 

The letter, which a Philippine crypto publication published in full, called Binance an unregistered virtual asset service provider. 

Zhao claimed that Coins.ph was “astounded” by the Binance-Alliance collaboration, an assertion that CZ frames as an underhanded attempt to block Binance from the Philippine market.

Unsurprisingly, Zhao denied the framing and told reporters, “We did not block Binance from joining. We asked to be involved in blockchain education initiatives of Fintech Alliance Philippines.”

Partial financials for his CFO

Basically, CZ’s memoir casts Zhou as a disloyal insider. However, other reports tell a different story about who kept whom in the dark. 

Reuters reported in December 2022 that Zhao never had access to Binance’s full financial accounts during his tenure as CFO of nearly three years. Reuters says that two former colleagues confirmed that claim.

It also claimed the world’s largest crypto exchange ran its finances as a “black box” obscured from even its own CFO.

Zhao wasn’t the only executive to discover CZ’s centralized grip over Binance. 

Binance.US, launched in 2019 while Zhao still served as global CFO, was meant to operate independently. 

However, its first CEO, Catherine Coley, was replaced without explanation. Her successor, former US Comptroller of the Currency Brian Brooks, lasted less than four months.

Brooks later testified concerningly that he realized CZ ran the US entity, not him. 

The SEC would eventually allege that Binance.US was a sham, controlled behind the scenes by CZ while publicly claiming independence.

Zhao left Binance in June 2021, the same summer Brooks walked out of Binance.US. Binance cited personal reasons for both departures.

TLDR

• XRP rose to $1.37 after gaining 3.83% and ending a three-day decline.
• XRP Futures net inflows surged 294% to $46.15 million within 24 hours.
• Derivatives data showed steady inflows across 4-hour, eight-hour, and 12-hour timeframes.
• Short liquidations reached $1.59 million over 24 hours and made up 88% of total liquidations.
• Spot exchange data showed a $10.07 million net outflow as holders moved XRP off exchanges.

XRP climbed to $1.37 after posting a 3.83% intraday gain on Monday, reversing three days of declines. At the same time, derivatives data showed futures net inflows surged 294% to $46.15 million within 24 hours. The combined price recovery and leverage increase signaled renewed trader participation.

XRP Futures Record $46M Daily Inflows as Leverage Builds

XRP Futures activity accelerated as traders reopened leveraged positions across major exchanges. Data from Coinglass showed 24-hour net inflows reached $46.15 million, reflecting a 294.78% increase. Meanwhile, four-hour data recorded $71.16 million in inflows and a net increase of $753,280. Over eight hours, inflows totaled $111.03 million, while outflows hit $106.32 million, leaving a $4.71 million net gain.

In the 12-hour window, inflows reached $286.18 million against $277.18 million in outflows. This pattern confirmed steady positioning by derivatives traders. Rising participation often increases short-term volatility, and current figures showed active positioning across multiple timeframes. XRP traded at $1.37 at press time after Monday’s upward move.

Liquidations and Spot Outflows Shape Current XRP Structure

Liquidation data reflected pressure on bearish positions as prices moved higher. In the last 12 hours, total liquidations reached $328,110, including $70,870 from longs and $257,250 from shorts. Over 24 hours, total liquidations climbed to $1.79 million, with $1.59 million from short positions. Shorts accounted for 88% of total liquidations during that period.

At the same time, spot exchange flows showed net withdrawals. In the eight-hour timeframe, inflows stood at $27.34 million, while outflows reached $26.45 million, producing a $893,470 net inflow. However, in 12 hours, inflows totaled $62.99 million, and outflows climbed to $67.40 million, leaving a $4.42 million net outflow.

Across 24 hours, inflows reached $131.03 million, while outflows exceeded that at $141.10 million. This resulted in a $10.07 million net outflow and a -203.62% net change. Exchange withdrawals indicated that holders moved tokens off trading platforms during the rebound.

Market data showed that liquidations occurred alongside tightening exchange balances. The price structure shifted as short positions closed and futures inflows expanded. XRP continued to trade near $1.37 as derivatives and spot metrics reflected active market participation.