Share this article
Goldman Sachs Conducts First Over-the-Counter Crypto Trade With Galaxy
Michael Novogratz's Galaxy says it's building on the relationship with Goldman as more Wall Street clients seek to push into cryptocurrency trading.
Updated May 11, 2023, 4:35 p.m. Published Mar 21, 2022, 12:34 p.m.
Goldman Sachs, the Wall Street heavyweight, completed an over-the-counter (OTC) cryptocurrency-related trade with the digital-asset financial company Galaxy Digital, in a transaction that the firms are characterizing as a first.
- New York-based Galaxy disclosed the trade in a press release on Monday. The transaction was described in the statement as a bitcoin (BTC) non-deliverable option, a type of cash-settled cryptocurrency options trade.
- "This marks the first OTC crypto transaction by a major bank in the U.S. as Goldman Sachs continues expanding its cryptocurrency offerings, demonstrating the continued maturation and adoption of digital assets by banking institutions," Galaxy said.
- The deal represents the continuation of Galaxy's relationship with Goldman Sachs, according to the statement.
- In March of last year, CoinDesk reported that Goldman Sachs reopened its crypto trading desk after a three-year hiatus, under growing demand from institutional clients.
- Last June, Galaxy announced that it would serve as Goldman's liquidity provider for bitcoin futures block trades on the CME exchange.
- Earlier this month, CoinDesk reported that Goldman was offering interested clients access to an ether (ETH) fund issued by Galaxy. Galaxy founder and CEO Michael Novogratz worked at Goldman for 11 years, according to a bio on his company's website.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Faces Japan Rate Hike: Debunking The Yen Carry Trade Unwind Alarms, Real Risk Elsewhere
Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
What to know:
- Impending BOJ rate hike largely priced in; Japanese bond yields near multi-decade highs.
- Speculators maintain net bullish positions in the yen, limiting scope for sudden yen strength.
- BOJ tightening may contribute to sustained upward pressure on global yields, impacting risk sentiment.
Top Stories
