Goldman Sachs Registers for Bitcoin ETF, Tether Adds $70M to BTC Treasury, and Bitmine Immersion Technologies Reports Earnings

Takeaways

• Goldman Sachs breaks anti-crypto stance, registers for bitcoin ETF: After spending years as crypto skeptic, Goldman Sachs has filed for its own bitcoin ETF, joining a growing list of legacy institutions pushing deeper into digital assets. Dubbed “Goldman Sachs Bitcoin Premium Income ETF,” the product will differentiate itself from traditional spot bitcoin ETFs by selling options to generate additional income for shareholders. The goal is to pull in investors that would otherwise be hesitant to invest in crypto because of the perceived volatility. Goldman Sachs CEO David Solomon said the premium income strategy is a way to “baby-step into bitcoin.” The fund will be run by the investment bank’s asset management arm.
• Tether adds $70 million BTC for its crypto treasury: Stablecoin giant Tether has purchased $70 million BTC for the company’s reserves, pushing its total BTC holdings now at 97,141 BTC, or some $7.16 billion. Though Tether is best known for issuing USDT, the private company now has among the largest bitcoin treasuries globally. In 2023, Tether pledged to invest as much as 15% of the company’s operating profits in bitcoin. And the company has had no issues making a profit off elevated treasury rates it purchases to back USDT, reporting over $10 billion in net profit in 2025. The company was reportedly in discussions to raise between $15 billion and $20 billion in a private placement that valued it at some $500 billion, but those plans were paused last month.
• Bitmine Immersion Technologies posts $3.8 billion unrealized net loss: Ethereum treasury company Bitmine Immersion Technologies recorded a net loss of $3.8 billion in the past quarter, according to a 10-Q filing posted Tuesday. But the company’s losses were attributed to fair-value accounting and not actual realized losses. The drop in ether prices were the main culprit for the dip, with the company’s derivatives and options businesses driving $65.3 million and $24.1 million in unrealized losses, as well. Bitmine now holds 4,874,858 ether worth more than $11.3 billion. The company’s ether staking business generated $10.2 million in revenue during the period. The price of ether has rallied more than 12% over the past month, trading around $2,300 on Thursday.
• Charles Schwab to launch crypto trading: Brokerage Charles Schwab has announced details for its upcoming crypto trading offering, noting it will provide direct access to spot bitcoin and ethereum trading. The offering will be called Schwab Crypto and be managed by Charles Schwab Premier Bank. They plan to add additional cryptocurrencies for customers in the coming months, joining a growing list of traditional brokerages to offer some form of crypto trading.

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