The Goldman Sachs 2024 annual letter to shareholders devotes a few words to crypto and distributed ledger technology. According to the report, while blockchain, cryptocurrencies, and other digital assets are increasingly prevalent, the risks are also significant.

The company also notes it has exposure to distributed ledger technology via client facilitation, investment and as a third-party vendor only.

The report also cites fears of the market and cyber vulnerabilities associated with these technologies. “[A]lthough the prevalence and scope of applications of distributed ledger technology, cryptocurrency and similar technologies is growing, the technology is nascent and may be vulnerable to cyber attacks or have other inherent weaknesses”, states the letter.

Further, according to the report, the adoption of digital assets and blockchain technology has created new competition in financial services and compelled the firm to adapt its products​ to meet customers.

In 2024, the bank was set to initiate tokenization projects to help clients invest in financial assets like real estate and money market using public and private blockchains.

However, this does not mean that the firm is making a major strategic pivot in the direction of cryptocurrencies, the report explains.

In December 2024, CEO David Solomon had suggested that Goldman Sachs would look to participate in Bitcoin and Ethereum markets if the U.S. regulatory landscape changed, stating that current regulations prohibited the bank to trade in cryptocurrency.

He also reiterated his characterization, as of this January, of Bitcoin being an “interesting speculative asset.” further saying, “I do not think Bitcoin is a threat to the US dollar” in an interview with CNBC back on January 22nd.

While keeping a cautious stance, in late 2024, Goldman Sachs raised its holdings in Bitcoin exchange-traded funds (ETFs) by 15%. Based on its most recent 13F disclosure with the Securities and Exchange Commission, Goldman raised its total crypto ETF holdings to $2.05 billion in the fourth quarter of 2024 from the $744 million it held in the third quarter.

With its largest concentration in BlackRock's iShares Bitcoin Trust (IBIT) at $1.2 billion, the bank's Bitcoin ETF holdings totaled almost $1.6 billion.