Goldman Sachs puts focus on crypto, reveals client note

Goldman Sachs is ramping up its focus on crypto after the mega November price surge. It is moving ahead with expectations for President-elect Trump’s policies and highlighting its crypto offerings for professional investors.

One of the highest points of 2024 for the crypto industry was the launch of Bitcoin-linked exchange-traded funds (ETFs). These ETFs have drawn nearly $10 billion since Donald Trump’s election win and now cumulatively hold total net assets of $112.74 billion. This all signals bullish sentiments for the market after the appointment of a crypto-friendly SEC head.

Goldman Sachs unveils exclusive crypto services

In a recent note, Goldman Sachs offered its crypto capabilities across multiple jurisdictions with professional investors in mind. These services are only available to investors in approved countries, including the US, UK, Switzerland, Australia, and several EU nations.

The investment bank’s crypto trading desk is open for business with a variety of offerings, including BTC and ETH CME futures clearing, along with OTC non-deliverable forwards (NDF) and options (NDO). It seems like big players will have access to high liquidity while trading.

It added that Goldman Sachs has a suite of Bitcoin and Ether ETPs. This includes US BTC ETFs like Grayscale Bitcoin Trust (GBTC), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), and more.

The note shows that the investment giant talked about the scenarios around the December FOMC meeting and how could it impact the market. It also discussed the possibilities of the BoJ hiking rates in December.

Pro-crypto winds blow strong

Ram Ahluwalia, CFA at Lumida, shared the note on X (formerly Twitter). He added that it is very important for Goldman Sachs to lead with its crypto capabilities in its recent client note citing top post-election-themes. He suggested that more banks and investment banks want to get active in crypto under the Trump administration.

GOLDMAN LEADS WITH CRYPTO

GS thought it was important to lead with its crypto capabilities in its recent client note citing top post election-themes

(I won’t be impressed until they are on Deribit for starters)

Many more banks and investment banks want to get active in crypto… pic.twitter.com/BCQ5yAmnNh

— Ram Ahluwalia CFA, Lumida (@ramahluwalia) December 9, 2024

The crypto markets have been super-charged since Donald Trump announced crypto advocate Paul Atkins to lead the SEC. Atkins, a known supporter of crypto innovation, is set to replace Gary Gensler, who was infamous for aggressive enforcement actions against firms like Coinbase and Ripple.

This decision comes as pro-crypto donors played huge roles in the run-up to the November elections. They poured millions into campaigns to back candidates aligned with the industry, and their investment seems to be paying off now.

Bitcoin price has spiked by 30% in the last 30 days and the bullish sentiments have spilled over into altcoins. BTC is trading at an average price of $99,140 as of press time. Its 24-hour trading volume is up by 59% at $66.45 billion.

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