Goldman Sachs Executes Its First Trade of Ether-Linked Derivative: Report

London-based Marex Financial was the counterparty for the trade.

AccessTimeIconJun 13, 2022 at 10:51 a.m. UTC
Updated Jun 13, 2022 at 2:57 p.m. UTC

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.

Goldman Sachs (GS) has started trading a type of derivative tied to ether (ETH), Bloomberg reported on Monday.

  • The Wall Street giant executed its first Ethereum non-deliverable forward, a derivative that pays out based on the price of ether and offers institutional investors indirect exposure to the cryptocurrency, the report said.
  • London-based financial services firm Marex Financial was Goldman’s counterparty, the report added.
  • The move by Goldman indicates an institutional appetite for cryptocurrencies at a time when the market is reeling from the fall of stablecoin terraUSD (UST) and a poor macroeconomic outlook.
  • The overall market cap for cryptos tumbled to below $1 trillion for the first time in nearly 18 months on Monday, with ether shedding nearly 17% in the past 24 hours.
  • Goldman Sachs and Marex Financial were not immediately available for comment when contacted by CoinDesk.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.

CoinDesk - Unknown

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.

Trending

1
CoinDesk - Unknown
July Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown
2
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
3
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown
4
CoinDesk - Unknown
Cosmos-Builder Ignite Cuts Headcount by More Than 50%, Ex-Employees Say

The reductions come amid a crypto market crash, and after the return of Ignite’s controversial ex-CEO.

CoinDesk - Unknown