Goldman Sachs sees resurgence in clients' interest in crypto assets: report

Published 1 minute earlier on

Quick Take

The investment bank has seen growing interest from hedge fund clients in crypto-related products, especially after the recent approval of spot bitcoin ETFs in the U.S., according to Bloomberg.
Goldman Sachs has also been exploring investing in crypto bankruptcy claims.

Wall Street giant Goldman Sachs has seen a resurgence in interest in cryptocurrency-related products from its hedge fund clients, its Asia Pacific executive said in an interview with Bloomberg.

“Many of our largest clients are active or exploring getting active in the space,” Max Minton, Asia Pacific head of digital assets of Goldman Sachs, told Bloomberg, adding that the recent U.S. approval of spot bitcoin exchange-traded funds (ETFs) has triggered such investment interest.

Minton continued that much of the clients’ attention still lies with bitcoin-related products, but this might change if spot ether ETFs get approved in the U.S.

Meanwhile, Goldman Sachs has also been looking at investing in crypto bankruptcy claims, Mathew McDermott, its global head of digital assets, said at the Digital Asset Summit in London last week.

McDermott added that Goldman Sachs launched its crypto desk in 2021 and that while last year was tough, this year has been a sea change in terms of supply, volumes and price action.

Over the past week, the ten spot bitcoin ETFs in the U.S. saw total outflows of $888 million, led by a day of record-breaking outflows from Grayscale's GBTC on March 18, BitMEX Research data showed. The cumulative volume of the spot bitcoin ETFs rose about $22 billion over the past week to reach a total of $164 billion as of March 22, according to The Block's data dashboard.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

About Author

Timmy Shen is an Asia editor for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance, entertainment business and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.