According to foreign media reports, the investment bank Goldman Sachs applied to the SEC for a DeFi-related ETF on the 26th of this month. Many media believe that this will provide opportunities for listed companies in the global decentralized finance (DeFi) and blockchain fields. .

The fund, called the Goldman Sachs Innovation DeFi and Blockchain Stock ETF, will track the German financial index provider Solactive's DeFi and blockchain index.

According to the application form, the ETF will invest at least 80% of its assets in securities, stocks and depositary receipts in the index.

The index fund says it aims to provide investment exposure to companies that fit the descriptions of both "blockchain technology implementation" and "financial digitization."

Yesterday, Amazon announced that it would accept BTC payments and later clarified that there is no such plan, and the price of BTC has also fluctuated sharply. The influence of institutional investors on cryptocurrencies is self-evident. Before Goldman Sachs was exposed to apply for DeFi funds this time, the interaction of institutional investors in the encryption field was also increasing.

For example, both VanEck and WisdomTree have applied for Ethereum ETF. Grayscale, a subsidiary of DCG, the world's largest digital currency group, announced last week that it plans to launch a DeFi fund, which will allow institutional investors to get in touch with "blue chip" tokens in the DeFi field such as Uniswap and Aave; And Aave is also targeting institutional investors, and has specifically opened the AAVE Pro license pool.

But Goldman Sachs should be the first to apply for a DeFi-related ETF.

Large institutions are considered to be the key to the bull-to-bear transition in the encryption market. For this reason, the DeFi fund applied by Goldman Sachs has attracted widespread attention. However, after carefully reading the content of the application form, many supporters of DeFi index products expressed disappointment.

As of July 23, the top stocks in Solactive’s DeFi index included traditional tech companies Nokia, Facebook, Google, Accenture and Fujitsu — each accounting for about 6% to 7% of the index.

There are also companies such as PayPal, Microsoft, Visa, and Overstock, but these companies account for a smaller share of the index. The 20 assets tracked by Solactive in its DeFi index also include my country’s Alibaba, Tencent, and Baidu.

Some of these traditional Internet companies may use blockchain technology, but it seems completely irrelevant to DeFi. Most disappointing are the rules of the Solactive index itself: It requires companies to be listed on a compliant stock exchange, have a market capitalization of more than $500 million and average daily trading volume of at least $500 million over the past six months.

References:

References:

https://www.sec.gov/Archives/edgar/data/1479026/000119312521224388/d176692d485apos.htm#toc176692_