Investment bank Goldman Sachs has announced a significant expansion of its cryptocurrency trading desk, planning to offer ether (ETH) futures and options in the coming months. The news came from a phone interview with Mathew McDermott, the bank's head of digital assets.
Institutional Demand Drives Expansion
McDermott stated that many clients see current price levels as attractive entry points. "We've actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point," he said. He described the recent market correction as a "cleansing exercise" that reduces leverage and retail excess. The bank also plans to begin trading bitcoin exchange-traded notes (ETNs).
Growing Crypto Footprint
Goldman formally established a dedicated crypto trading team in early May following surging institutional demand. In May, the bank led a $15 million investment into crypto data provider Coin Metrics. McDermott noted the firm is exploring several companies that fit its strategic direction. A recent Goldman survey of 850 institutions found that nearly 10% already trade cryptocurrencies, while 20% expressed interest in the asset class.
Outlook
Despite the sharp price correction in bitcoin and ether, McDermott remains bullish on institutional adoption. "Institutional adoption will continue. Despite the material price correction, we continue to see a significant amount of interest in this space," he reiterated. The move positions Goldman Sachs as a key bridge between traditional finance and digital assets.