Sachs
1869 (New York City, NY)
David M. Solomon
Publicly Traded (NYSE: GS)
$4.04 Trillion (Q2 2026)
$0 (No physical BTC held directly)
~$1.27B+ Spot BTC ETFs (13F Filings)
Mathew McDermott (since 2020)
Marcus Goldman (Samuel Sachs joined partnership in 1882).
David M. Solomon holds a BA in Political Science from Hamilton College. He joined Goldman Sachs in 1999 as a partner and co-head of its High Yield and Leveraged Loan division, eventually serving as President and COO before succeeding Lloyd Blankfein as CEO in 2018. Solomon drove the relaunch of Goldman’s dedicated Digital Assets trading desk in May 2021. Under his leadership, Goldman became the first major U.S. investment bank to trade OTC crypto derivatives (March 2022), pioneered Bitcoin-collateralized institutional lending (April 2022), and integrated the bank into the primary-market issuance workflows of Spot Bitcoin ETFs.
goldmansachs.com
Institutional Liquidity & Asset Tokenization
Goldman Sachs provides high-volume, SEC-compliant financial bridges for institutional digital asset allocation. Through its dedicated trading desk, the firm clears and trades cash-settled CME Bitcoin futures and options, structures Non-Deliverable Forwards (NDFs), and makes markets in custom OTC cash-settled Bitcoin options. Additionally, the bank operates GS DAP™, an enterprise blockchain platform utilizing the Daml smart-contract language on the Canton Network to tokenize real-world assets (RWAs) like sovereign bonds and private fund interests.
Vertical Assets
- GS DAP™ (Digital Assets Platform)
- Institutional Crypto Derivatives Desk
- CME Clearing & Market-Making
- Spot ETF Authorized Participant Desk
Supported Instruments
- CME Bitcoin Futures & Options
- Cash-Settled Bitcoin NDFs
- OTC Custom Non-Deliverable Options
- Bitcoin-Collateralized Cash Loans
Strategic Value
Goldman Sachs legitimizes the Bitcoin derivatives ecosystem. By clearing CME contracts, acting as an Authorized Participant for Spot Bitcoin ETFs (such as BlackRock’s IBIT), and executing bilateral OTC trades, the bank offers traditional funds, corporations, and fiduciaries a highly regulated gateway to Bitcoin price action without requiring them to manage physical private keys or self-custody complexities.
| Primary Business Revenue | Trading Spreads, Advisory Fees, Financing & Commissions |
| Direct Physical BTC Treasury | $0 (Banking regulations restrict direct spot BTC on balance sheet) |
| Indirect Spot BTC ETF Holdings | ~$1.27B+ (Primary positions in IBIT & FBTC via SEC 13F) |
| Spot ETF AP Position | Authorized Participant for BlackRock’s IBIT (Cash Creation) |
| Primary Tokenization Rails | GS DAP™ (Canton Network permissioned RWA issuance) |
| Group HQ | New York City, New York, USA |
Holding Structure Note: Goldman Sachs holds $0 in direct physical spot Bitcoin on its corporate balance sheet. However, SEC 13F filings reveal over $1.27 Billion in indirect Bitcoin exposure through Spot BTC ETFs (primarily BlackRock’s IBIT), held to facilitate institutional market-making, AP creations/redemptions, and client hedging strategies.