CEO David Solomon signals interest in Bitcoin and Ethereum as the bank increases ETF investments by 71%.
Goldman Sachs is gearing up to enter the cryptocurrency market. CEO David Solomon has expressed a tangible interest in Bitcoin and Ethereum, though any move remains contingent on regulatory approval.
At the Reuters NEXT event, Solomon stated that the firm’s ability to participate in spot trading for Bitcoin and Ethereum was “extremely limited” from a regulatory standpoint. The CEO remarked:
“You have to ask regulators because, at the moment, as a regulated banking institution, and I think you know this, we’re not allowed to own a cryptocurrency like Bitcoin as a principal. If, from a regulatory perspective, we were allowed to interact in these assets, we have a pretty big infrastructure.”
The investment bank has increased its Bitcoin ETF holdings by 71%, reaching $718 million, with $461 million invested in BlackRock’s iShares Bitcoin Trust ETF.
In an interview with CNBC last July, Solomon expressed optimism about Bitcoin’s future, comparing it to gold as a store of value.
Goldman Sachs has already distinguished itself as a pioneer in the crypto sector: it was the first major U.S. bank to offer OTC services for digital assets and, in 2021, launched Bitcoin futures trading products via the CME Group.
