Goldman Sachs Relaunching Crypto Trading Desk After 3-Year Pause
Goldman Sachs may pursue a bitcoin ETF as it deepens its push into digital assets.
Investment bank Goldman Sachs has relaunched its cryptocurrency trading desk after a three-year hiatus and plans to once again support bitcoin futures trading, a source familiar with the matter confirmed to CoinDesk. Contrary to an earlier report by Reuters, the source said the service would resume in mid-March, not next week.
The desk is part of a broader push into digital assets that may see Goldman attempt to stage a bitcoin exchange-traded fund, Reuters said. It will be a part of Goldman's U.S. Global Markets division.
The bank had originally planned to launch a crypto desk in 2017 but shelved those plans in 2018 due to regulatory concerns.
CoinDesk reported in January that Goldman was looking to re-enter the cryptocurrency industry, including with a custody offering, within the coming months.
The move follows fellow megabank BNY Mellon announcing last month a crypto custody service, reportedly in partnership with Fireblocks. Once BNY Mellon is holding bitcoin on clients' behalf, it may roll out additional services, the bank suggested in an interview with CoinDesk.
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.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.