Goldman Sachs Mentions Cryptocurrency for the First Time in Annual Letter
- For the first time in its 156-year history, Goldman Sachs has included crypto currency in its annual letter to shareholders, signaling a major shift in Wall Streets stance on crypto.
- Since the launch of a crypto trading desk in 2021, the bank has consistently increased its digital asset offerings. It introduced the Goldman Sachs Digital Asset Platform (GS DAP) in 2022 and has since then made significant investments in Bitcoin and Ethereum ETFs.
Goldman Sachs, the second-biggest investment bank, has recognized the impact of crypto currency in its yearly letter to shareholders for the first time in its 156-year history. The worlds second-biggest investment bank included digital currencies in its annual letter to shareholders.
On March 14, the New York-based financial giant published its annual CEO letter to investors as part of the materials for the upcoming 2025 Shareholders Meeting. The report covered all Goldman Sachs financial activities over the past year.
The investment firm acknowledged the importance of this growing asset type in finance and investment. This move shows a significant change in Wall Streets view of crypto assets, as more major banks are gradually adjusting to the expanding crypto market.
Goldman Sachs has also acknowledged that another reason for its adoption is because its competitors may offer cryptocurrency products. The bank recognizes that its competitors are not just all about traditional financial products but also innovation. This move marks a significant shift from the banks past stance on cryptocurrency.
Goldman Sachs Continuous Evolvement with CryptoCurrency
Goldman Sachs has been involved in the crypto industry for quite a while now; the bank launched a dedicated crypto trading desk in 2021. The following year, it introduced the Goldman Sachs Digital Asset Platform (GS DAP) to help issue and store digital assets like digital bonds. Since then, the bank has worked to expand its Bitcoin offerings.
In February, it disclosed holding $1.27 billion in Bitcoin through BlackRocks iShares Bitcoin Trust (IBIT) and over $470 million in Ethereum spot ETFs. The company has generally maintained a positive outlook on crypto, with CEO David Solomon acknowledging that Bitcoin is a good store of value despite its volatility.
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Text source: TronWeekly
