Bitcoin ETFs Ignite Crypto Appetite at Goldman Sachs

Goldman Sachs’ clients are showing a renewed interest in cryptocurrencies, spurred by the recent approval of ten new Bitcoin ETFs in the United States.

Max Minton, the head of digital assets for Goldman in the Asia Pacific, noted an uptick in client activities within the crypto sector. “The recent ETF approval has triggered a resurgence of interest and activities from our clients,” Minton said speaking to Bloomberg, highlighting the growing confidence among the firm’s investors.

Despite not offering spot crypto products yet and having initiated its first crypto trading desk back in 2021, Goldman Sachs is witnessing its largest clients either actively re-engaging with or exploring the possibility of re-entering the cryptocurrency market. The excitement is largely driven by the integration of crypto assets into more conventional investment mechanisms, such as options and futures, which are attracting particularly keen interest from hedge funds.

Minton pointed out that after a comparatively quiet year, there’s been a noticeable increase in client engagement since the beginning of this year. He mentioned, “It was a quieter year last year, but we’ve seen a pickup in interest from clients in onboarding, pipeline, and volume since the start of the year.”

With a record $2.8 trillion in assets under management as of the end of 2023, Goldman Sachs is looking to broaden its client base. Minton emphasized the firm’s ambition to extend its reach beyond its current clientele to include asset management funds, banks, and specialized crypto asset firms.