Yesterday CNBC reported that Goldman Sachs plans to offer its wealth management clients exposure to Bitcoin. It will provide a variety of ways to invest, “whether that’s through the physical bitcoin, derivatives or traditional investment vehicles,” said Mary Rich, who heads up digital assets for Goldman’s wealth management division.
These aren’t your average investors, as these families and endowments need to have a minimum of $25 million in assets. CNBC said that Goldman is in the process of getting regulatory approval. Two weeks ago, Morgan Stanley said it would enable its clients to invest in Bitcoin via two Galaxy Digital funds and an FS NYDIG Select Fund.
Goldman already reopened its crypto trading desk on the institutional side, which it shuttered in 2018 after the last boom subsided. It recently surveyed 300 institutional clients and found that 40% already had cryptocurrency exposure.
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