Goldman Sachs Brings Bitcoin to Private Wealth Clients

Goldman is looking to eventually offer a “full spectrum” of digital asset investment vehicles, potentially including physical bitcoin and derivatives.

article-image

Mary Rich, global head of digital assets, Goldman Sachs; Source: Goldman Sachs

share

key takeaways

  • Goldman Sachs plans to offer private wealth management clients digital asset exposure in the second quarter.
  • Mary Rich, the newest global head of digital assets for Goldman’s private wealth management division, told CNBC the news Wednesday.

Goldman Sachs plans to offer bitcoin and other digital currency investment vehicles to private wealth management clients in the second quarter.

Mary Rich, who recently became the global head of digital assets, shared the bank’s plans in a CNBC interview Wednesday. Private wealth clients usually include individuals, families and endowments with at least $25 million to invest.

“We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term,” Rich told CNBC.

Goldman is looking to eventually offer a “full spectrum” of digital asset investment vehicles, potentially including physical bitcoin and derivatives, Rich said in the interview

Goldman joins Morgan Stanley, which earlier this month became the first major investment bank to offer wealthy clients bitcoin fund exposure, in expanding digital asset offerings to clients. 

Also earlier this month, Goldman joined a slew of other firms vying for US Securities and Exchange Commission approval of a bitcoin-tied exchange-traded product. In addition, Goldman revealed that it will reopen its digital assets trading desk and begin offering bitcoin futures contracts. 

The news comes in the midst of a bitcoin bull rally largely driven by institutional investors. The largest digital currency inched above $58,000 Tuesday following news that Visa has begun settling payments in digital currencies and PayPal allows customers to pay for purchases with their cryptocurrency.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png

Research

With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.

article-image

Launching cryptocurrencies the old fashioned way may soon make a return

article-image

Kraken and CertiK brought their beef to social media after Kraken said researchers exploited $3 million through a bug

article-image

NVIDIA’s historic run is only deepening the divide between mega-cap tech stocks and the rest of the market.

article-image

EIP-7702 was quickly adopted for the next Ethereum upgrade, but developers haven’t quite locked it down