Goldman Sachs was set to offer its wealthy clients exposure to bitcoin and other crypto later this year, MarketWatch has confirmed.
will aim to offer bitcoin
and its like in the second quarter, according to an internal memo reviewed by MarketWatch. The move, which was first reported by CNBC on Wednesday, comes as Mary Rich has been named global head of the Digital Assets Group for the bank’s private wealth management division.
“She will work closely with advisors to educate clients about blockchain technology and the digital assets ecosystem, and seek to deliver content, investment offerings and services,” according to the memo.
Rich will co-report into the heads of the cross markets team and markets coverage group in the U.S.
The move comes as bitcoin, the asset that was created in the aftermath of the 2008-2009 financial crisis, has soared to unexpected heights, recently touching an all-time high at $61,556.59 on CoinDesk.
At last check, bitcoin was changing hands at $58,242.56, off 1.4%, but the asset has soared over 100% so far this year, compared against an over 8% gain for the Dow Jones Industrial Average
in 2021 and an over 5% advance for the S&P 500 index
with a more than 11% decline for gold futures
bitcoin’s closest asset rival.
Meanwhile Morgan Stanley
became the first U.S. bank to offer its deep-pocketed clients access to three funds, two of which are operated by Michael Novogratz’s Galaxy Digital, that promise qualified investors exposure to bitcoin.