The American investment bank Goldman Sachs continues expanding its cryptocurrency trading expertise by executing its first-ever over-the-counter (OTC) crypto options trade. Goldman Sachs executed its first OTC crypto transaction in collaboration with the trading unit of Michael Novogratz’s cryptocurrency investment management firm Galaxy Digital. According to a joint announcement on Monday, the OTC transaction was in the form of a Bitcoin (BTC) non-deliverable option (NDO), representing one of the first OTC crypto transactions by a major bank in the United States. “We are pleased to have executed our first cash-settled cryptocurrency options trade with Galaxy,” said Max Minton, Goldman Sachs’ …

Wall Street’s embrace of digital assets is showing no signs of slowing down. In fact, they don’t even need to tell us about it as the proof is in the fine print. This week, a United States Securities and Exchange Commission (SEC) filing revealed that multinational investment bank Goldman Sachs has been quietly offering clients exposure to Ether (ETH) through Galaxy Digital, a crypto-focused financial services provider headed by billionaire Mike Novogratz. Of course, this isn’t the first time Goldman has worked with Galaxy Digital to offer clients a gateway to digital assets. In June 2021, the investment giant began …

Financial services giant Goldman Sachs has been offering clients exposure to ETH through Galaxy Digital’s Ethereum Fund according to a new Securities and Exchange Commission filing. Goldman Sachs clients keen on spot exposure to Ethereum (ETH) have been offered space in Galaxy’s ETH Fund. This strategy became apparent in a Mar. 8 filing from Galaxy which listed Goldman as a recipient of introduction fees for referring clients to the fund. Galaxy Digital is billionaire Mike Novogratz’s crypto-focused financial service provider. It controlled $2.8 billion assets under management (AUM) as of the end of Q4 2021. It is unclear exactly how …

Roger Bartlett, a Goldman Sachs veteran who has held various positions at the firm since 2005, announced he would be moving to Coinbase. In a Friday announcement on LinkedIn, Bartlett said he would be running global financial operations at Coinbase after 16 years at the investment banking giant. The now former global co-head of operations for global markets at Goldman Sachs said he would be working with Coinbase chief financial officer Alesia Haas, president and chief operating officer Emilie Choi, vice president of institutional products Greg Tusar, and head of institutional sales Brett Tejpaul to help users “embrace opportunities offered …

A potential decoupling scenario between Bitcoin (BTC) and the Nasdaq Composite can push BTC price to reach $100,000 within 24 months, according to Tuur Demeester, founder of Adamant Capital. Bitcoin outperforms tech stocks Demeester depicted Bitcoin's growing market valuation against the tech-heavy U.S. stock market index, highlighting its ability to break out every time after a period of strong consolidation. "It may do so again within the coming 24 months," he wrote, citing the attached chart below. BTC's price has grown from a mere $0.06 to as high as $69,000 more than a decade after its introduction to the market, …

Bitcoin (BTC) and cryptocurrency adoption may not necessarily make its price higher in dollar terms, Goldman Sachs argues. In a note seen by Bloomberg published Thursday, the international banking giant claimed that mainstream acceptance of crypto assets would increase their correlation to other mainstream asset classes. Goldman: Adoption is "double-edged sword" In a view contrary to that of many Bitcoin proponents, Goldman sounded firmly uninspired by the prospect of crypto as a tool for the enrichment of the mass populace. "While it can raise valuations, it will also likely raise correlations with other financial market variables, reducing the diversification benefit …

The former Head of Product for “Marcus by Goldman Sachs” has launched a crypto investing app, “Domain Ventures,” raising $33 million from investors on Jan 25. Adam Dell, brother of Dell computers tycoon Michael, assembled a team of 25 former staff members from Goldman Sachs. Other staffers are leaving their roles at Bridgewater Associates, Morgan Stanley, Coinbase Global Inc. and BlockFi. Former Goldman Sachs CTO Elisha Wiesel, and Christopher Giancarlo, thformer Chairman of the Commodities Futures Trading Commission have also been tapped to join the project. The app is targeted at retail users, who will be charged an annual management …

Bitcoin (BTC) failed to close 2021 above the long-expected $100,000 level, but experts believe the psychological horizon is still achievable by taking gold's market share, albeit over a more extended period. In a note released to investors on Tuesday, Goldman Sachs co-head of global FX and EM strategy Zach Pandl hypothesized that if the largest cryptocurrency could overtake 50% of the store of value market share over the next five years, BTC price would increase to just over $100,000, marking a compound annualized return of 18%. While the current market cap of BTC is close to $884 billion, Goldman Sachs …

Major cryptocurrency custody bank Anchorage Digital has closed a fresh funding round, bringing its valuation to over $3 billion. Anchorage Digital announced Dec. 15 that it raised $350 million in a series D round led by equity investment giant KKR. According to the announcement, this is the first time for KKR to directly invest in equity in a company in the crypto industry. The company invested through its Next Generation Technology Growth Fund II, which is dedicated to developing equity investment in the technology space. “As a pioneer in enabling institutional investors to access digital assets, Anchorage has built a …

Prime Blockchain (PrimeBlock), a new cryptocurrency mining company in the United States, is hiring its inaugural management team after starting mining Bitcoin (BTC) in September. PrimeBlock told Cointelegraph on Thursday that it appointed Goldman Sachs veteran Gaurav Budhrani as the company’s CEO. Budhrani spent over 10 years at Goldman, with his latest position featuring crypto investment banking coverage, including the $98 billion direct listing for Coinbase crypto exchange that Goldman was leading. Budhrani said on his LinkedIn that he completed over $300 billion of transactions across many crypto-related verticals, including “cryptocurrencies, semiconductors, next-gen computing technologies, and software.” The firm has …

American investment bank Goldman Sachs, a backer of major cryptocurrency firm Circle, is strengthening its tokenization efforts by partnering with the blockchain startup Digital Asset. The partnership enables Goldman Sachs to use Daml, a development framework created by Digital Asset to allow financial institutions to build and execute agreements on blockchain, the company announced Wednesday. One of core Digital Asset’s technologies, Daml will help Goldman Sachs develop its own “end-to-end tokenized asset infrastructure” that would support multiple asset classes on private and public blockchains, the announcement reads. Mathew McDermott, global head of digital assets at Goldman Sachs, said that Daml-based …

One River Digital, a cryptocurrency-focused hedge fund offering exposure to Bitcoin (BTC) and Ether (ETH), has closed its first funding round after launching last year. One River Digital president Sebastian Bea confirmed Wednesday that the company had raised $41 million in a Series A financing round from investors, including Goldman Sachs and Coinbase Ventures. Other investors included American diversified global insurer Liberty Mutual Insurance and an alternative investment management firm, Infinity Investment Partners, as One River Digital announced on Tuesday. According to the One River Digital president, the fresh capital will help the company to increase its investment opportunities to …