In a significant development for the institutional adoption of digital assets, Goldman Sachs CEO David Solomon has publicly stated that the financial giant would consider entering the spot Bitcoin and Ethereum trading market—if U.S. regulatory conditions change.
This statement marks one of the clearest signals yet from a major Wall Street bank that cryptocurrency markets are being taken seriously at the highest levels, despite current regulatory barriers.
Regulatory Hurdles Limit Current Crypto Activity
During the Reuters NEXT conference on Tuesday, Solomon was directly asked when Goldman Sachs might begin offering spot crypto trading services. His response highlighted the central role of regulation:
“That’s a question you have to ask the regulators. Right now, as a regulated banking institution, we’re not allowed to hold cryptocurrencies like Bitcoin on principal.”
Solomon emphasized that while Goldman Sachs provides advisory services around blockchain technology and digital assets, its ability to actively participate in the crypto market is currently extremely limited due to compliance constraints.
Nonetheless, he acknowledged growing interest and momentum within the sector:
“I do believe crypto and blockchain are solving real problems. There’s a sense that the regulatory framework may evolve differently than it did under the previous administration.”
Although the exact direction of future regulations remains uncertain, Solomon expressed optimism that the current government will support a pro-growth agenda—one that could eventually open doors for banks like Goldman Sachs to engage more deeply with cryptocurrencies.
Evaluating Market Making for Bitcoin and Ether
When questioned specifically about whether Goldman Sachs could act as a market maker for Bitcoin or Ethereum, Solomon remained cautious but open-minded:
“If the regulatory structure changes, we would evaluate it. But right now, we’re not permitted to do so.”
This conditional openness reflects a broader shift in traditional finance. While Solomon continues to classify Bitcoin as a “speculative asset,” he also recognizes its technological significance:
“These digital assets—Bitcoin, for example—are speculative at this stage. But there’s immense interest. I understand why.”
Such nuanced commentary from a top-tier banking executive underscores how perceptions of crypto are evolving—even among skeptics.
Expanding Blockchain Infrastructure: The GS DAP Initiative
Beyond trading, Goldman Sachs has been actively building blockchain-based infrastructure to modernize financial markets. In 2021, the bank launched GS DAP (Goldman Sachs Digital Asset Platform), a blockchain-powered system designed to streamline institutional transactions and reduce settlement times.
According to reports from Bloomberg and Reuters in November 2024, Goldman is now preparing to spin off GS DAP into an independent company—a strategic move aimed at fostering broader industry adoption.
The goal? To create an “industry-owned” platform where multiple financial institutions can leverage blockchain technology to trade traditional instruments like cash and bonds more efficiently.
The proposed spin-off is expected to take place within the next 12 to 18 months, pending regulatory approval. However, even after separation, Goldman Sachs plans to continue expanding its digital asset initiatives.
Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, revealed in July that the bank is developing three new tokenization products for major institutional clients. These offerings will focus on real-world asset (RWA) tokenization—bringing tangible assets like real estate, commodities, and private credit onto blockchains.
This push into RWAs positions Goldman at the forefront of what many see as the next frontier in decentralized finance: bridging traditional finance with on-chain innovation.
👉 Learn how real-world asset tokenization is transforming global finance—before it goes mainstream.
Institutional Confidence Grows: Goldman’s ETF Holdings Surge
Goldman Sachs’ commitment to digital assets isn’t just theoretical. According to its latest 13F filing with the U.S. Securities and Exchange Commission (SEC), the firm held approximately $718 million in U.S.-listed spot Bitcoin ETFs as of Q3 2025.
This represents an increase of over $300 million from the previous quarter—an unmistakable signal of growing institutional confidence in Bitcoin as an investable asset class.
While these holdings are made through ETFs rather than direct ownership (due to regulatory restrictions), they still reflect a strategic allocation by one of Wall Street’s most influential players.
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- Bitcoin trading
- Ethereum market making
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- U.S. crypto regulation
- Digital asset platform
- Real-world asset tokenization
- Spot Bitcoin ETF
- Blockchain infrastructure
Frequently Asked Questions (FAQ)
Will Goldman Sachs start trading Bitcoin directly?
Not under current U.S. regulations. As a regulated bank, Goldman Sachs cannot hold cryptocurrencies like Bitcoin on its balance sheet. However, CEO David Solomon confirmed the bank would reassess this stance if regulatory policies evolve.
Is Goldman Sachs investing in cryptocurrency?
While it does not directly own crypto assets, Goldman Sachs has invested heavily in related infrastructure and holds over $700 million in spot Bitcoin ETFs. It is also developing blockchain-based platforms and tokenized asset products.
What is GS DAP?
GS DAP (Goldman Sachs Digital Asset Platform) is a blockchain-based system designed to improve efficiency in institutional trading. It may soon become a standalone, industry-owned entity focused on settlement innovation.
Can banks legally trade Ethereum in the U.S.?
Currently, regulated U.S. banks face significant restrictions on holding or trading Ethereum and other cryptocurrencies. Any expansion into this space would require updated guidance from federal regulators.
Why is real-world asset (RWA) tokenization important?
RWA tokenization brings physical assets—like real estate or bonds—onto blockchains, enabling faster settlements, fractional ownership, and greater liquidity. Goldman Sachs sees this as a major growth area.
How are U.S. regulations affecting crypto adoption?
Unclear or restrictive regulations remain the biggest barrier to widespread institutional participation. Banks like Goldman Sachs are ready to move forward—but only if regulators provide a clear legal framework.
👉 See how financial leaders are navigating the evolving regulatory landscape in digital assets.
Final Outlook: A Shift Is Coming
Goldman Sachs’ evolving position reflects a broader transformation across global finance. While regulatory constraints remain firm today, the appetite for innovation is undeniable.
With growing investments in blockchain infrastructure, active participation in ETF markets, and serious exploration of crypto trading and RWA tokenization, Goldman Sachs is positioning itself to act swiftly when the regulatory environment allows.
The message is clear: when policy catches up with technology, Wall Street will be ready.
As David Solomon put it—change isn’t guaranteed, but preparation is essential. And Goldman Sachs is preparing for a future where digital assets play a central role in global finance.