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Goldman Sachs Offering Bitcoin Derivatives to Investors
The bank will protect itself from the cryptocurrency’s volatility by buying and selling bitcoin futures in block trades.
Updated May 9, 2023, 3:19 a.m. Published May 6, 2021, 7:38 p.m.
Goldman Sachs is offering investors access to non-deliverable forwards (NDFs), a derivative tied to bitcoin’s price that pays out in cash, according to a Bloomberg report. When reached by CoinDesk, the investment bank confirmed the news.
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- The bank will then protect itself from volatility by buying and selling bitcoin futures in block trades through CME Group, using Cumberland DRW as its trading partner.
- NDFs are futures contracts in which counterparties settle the difference between the negotiated NDF price or rate and the spot price or rate on a notional agreed sum.
- In January, CME took the prime spot on the list of the biggest bitcoin futures trading platforms, indicating a continued rise in institutional participation.
- In March, Goldman Sachs relaunched its cryptocurrency trading desk after a three-year hiatus, with plans to once again support bitcoin futures trading.
- A source with knowledge told CoinDesk that Goldman quietly began offering bitcoin derivatives contracts to clients last month to test its hedging methods.
Read more: Goldman Sachs to Offer Bitcoin to Wealth Management Clients
UPDATE (May 6, 19:40 UTC): Adds confirmation from Goldman Sachs.
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Brazil’s Largest Asset Manager Recommends Investors Put Up to 3% of their Money in Bitcoin to Hedge Against FX, Market Shocks
The recommendation is in line with other global asset managers like BlackRock and Bank of America suggesting small portfolio allocations to the largest cryptocurrency.
What to know:
- Itaú Asset Management recommends Brazilian investors allocate 1-3% of portfolios to bitcoin for diversification, citing its low correlation with traditional assets.
- The recommendation is a measured approach, suggesting a small, steady exposure to bitcoin as a complementary asset.
- In a year-end analyst’s note, the firm called for a disciplined, long-term mindset, warning against market timing and suggesting that a small allocation can act as a partial hedge and offer access to global returns.
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