Goldman Sachs Set To Offer Bitcoin Investment Vehicles To Its Wealthy Clients

Goldman Sachs

Just a few weeks after reopening its bitcoin trading desk, American multinational investment bank, Goldman Sachs, is poised to offer bitcoin investment vehicles to clients in its private wealth management unit.

According to a recent CNBC report, Goldman Sachs intends to begin offering these bitcoin investments in Q2 2021, based on information gotten from the bank’s new global head of digital assets for the private wealth management division, Mary Rich.

She noted that Goldman Sachs intends to eventually offer a “full-spectrum” of cryptocurrency investments using any suitable investment vehicle “whether that’s through the physical bitcoin, derivatives or traditional investment vehicles.”

Rich also stated that the bank is consciously working to see how best to offer its private wealth management clients access to the crypto space. 

She said,

“We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term.”

Goldman Sachs’ Private Wealth Management Division

The private wealth management division of Goldman Sachs primarily targets high-net-worth individuals and families, large institutions, and endowments.

These investors need to have at least $25 million to invest before they can join the group. Here Goldman Sachs offers its clients a wide range of services including investment advisory and wealth advisory services.

With this latest move, it intends to grant its wealthy clients in the private group access to various digital assets, including bitcoin. Earlier this month, Morgan Stanley took the same step, revealing plans to offer its wealthy clients access to three bitcoin funds.

Investors Turn To Bitcoin 

The latest bitcoin bull run has prompted several individual and institutional investors to jump on the bitcoin bandwagon. These investors are seeing the digital asset as a hedge against inflation.

Speaking on this, Rich said,

” There are also a large contingent of clients who feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.”

She added that the bank might decide to offer funds similar to Morgan Stanley’s planned bitcoin funds, in addition to several other investment vehicles, including trading other crypto funds like the Galaxy Bitcoin Fund.

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