Goldman Sachs’ Asia Pacific clientele is exhibiting a marked increase in cryptocurrency engagement this year, sparked by the recent launch of Bitcoin ETFs in the United States. Max Minton, who leads the digital assets division in the region, notes a significant uptick in activity, with hedge funds leading the charge.
The introduction of ten new Bitcoin ETFs in January has played a pivotal role in the renewed interest, integrating crypto assets further into conventional financial markets. “The recent ETF approval has triggered a resurgence of interest and activities from our clients,” Minton reports.
Despite not offering direct cryptocurrency investments, Goldman Sachs has seen its clients actively use crypto derivatives to navigate the market’s volatility and make informed predictions on future price movements. Bitcoin remains the top choice among the firm’s investment products.
While the anticipation for a potential Ether ETF in the U.S. grows, analysts remain cautious, estimating only a 35% chance of approval by May. Nonetheless, Goldman Sachs is not deterred and plans to broaden its reach to include a diverse range of clients, from asset management funds to specialized crypto firms.
With a record $2.8 trillion in assets under management at the end of 2023, Goldman Sachs is positioning itself to be at the forefront of the evolving landscape of digital assets.
