Goldman Sachs' Asia Pacific Clients Embrace Crypto: ETF Approval Sparks Renewed Interest

According to a recent report from Bloomberg, institutional clients of Goldman Sachs’ Asia Pacific division are showing a renewed interest in cryptocurrencies such as Bitcoin and Ether. Max Minton, the head of digital assets for Goldman Sachs Asia Pacific, stated that many of the firm's largest clients have either become active in the crypto sector or are considering entering it. This surge in interest is attributed to the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, with ten new ETFs receiving approval in January. Minton noted that the approval of these ETFs has sparked a resurgence of interest and activity among clients. The increased demand primarily stems from Goldman's existing clients, particularly hedge funds, leveraging the firm's options and futures offerings. As of the end of 2023, Goldman Sachs reported a record $2.8 trillion in assets under management.