Galaxy Digital will Provide Liquidity for Goldman Sachs Bitcoin Futures
Billionaire Mike Novogratz's Galaxy Digital has agreed to provide liquidity to Goldman Sachs for the bank's bitcoin futures transactions.
Amid growing demand from institutional clients, Goldman Sachs reopened its crypto trading department in March after a three-year hiatus. The department is part of the bank in the USA, a division of global markets. Galaxy Digital will provide liquidity or act as a market maker for block deals at CME Group, Galaxy said in a statement on its website.
The partnership with Goldman Sachs is one of several high-profile steps Galaxy has taken in recent months, including a number of acquisitions of digital asset management firms. Acquisitions include Vision Hill and BitGo, the latter of which Galaxy bought for $1.2 billion in May. Galaxy has announced, stating that Vision Hill will become part of Galaxy's fund management division. New York-based Vision Hill develops market analytics products such as hedge fund indexes and a buy-side database called "VisionTrack" for institutional clients.
Goldman becomes the second major investment bank in the last four months to conclude deals with Galaxy Digital. In March, Galaxy announced that Morgan Stanley had begun offering asset management clients access to some of its bitcoin funds.
The Galaxy acquisition has more than doubled the firm's comprehensive revenue since 2020 and is part of its path to a U.S. listing later this year. Despite the stagnation of bitcoin prices after falling by more than 30% from a record high in May, institutional investors are still accumulating crypto assets on their balance sheets.
In January, Goldman announced that it wants to return to the cryptocurrency industry, including with a storage offer, in the coming months. The move followed another megabank, BNY Mellon, announcing a crypto storage service last month, reportedly in partnership with Fireblocks.
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