Goldman Sachs aims to broaden its offerings in active and defined-outcome ETFs. These funds, which utilize options to mitigate potential losses and predetermine the gains investors can achieve over a set period, include Innovator’s unique Bitcoin structured fund. Launched in February, Innovator’s QBF ETF uses FLEX options linked to Bitcoin ETFs or the Cboe Bitcoin US ETF Index, capturing a portion of Bitcoin’s gains while restricting quarterly losses to 20%. The fund currently boasts a 71% participation rate, meaning it is designed to capture 71% of any upward movement in Bitcoin’s price during that timeframe. As of the latest reports, Innovator’s QBF holds a market value of approximately $19.3 million.

Goldman Sachs’ Reversal on Crypto

In a notable turnaround, Goldman Sachs has shifted its stance on cryptocurrencies. Once dismissive of crypto assets, the investment bank has become increasingly supportive of blockchain technology and digital currencies. Between 2020 and 2024, Goldman Sachs was involved in 18 investments in blockchain firms, ranking it among the most active supporters of early-stage companies in the sector.

By the second quarter of 2024, Goldman had acquired roughly $419 million in Bitcoin ETF shares, according to CoinShares’ analysis of quarterly 13F filings. Further demonstrating its commitment to the crypto space, the bank purchased nearly $1.28 billion worth of iShares Bitcoin Trust and $288 million of Fidelity’s Wise Origin Bitcoin Fund in the last quarter of 2024. Additionally, Goldman Sachs expanded its Ethereum ETF holdings to $476 million through products from BlackRock and Fidelity.

A New Era of Tokenized Financial Instruments

Goldman Sachs is reportedly developing a new entity to issue and trade tokenized financial instruments. In July, Cointelegraph reported that the bank was preparing to offer institutional clients access to tokenized money market funds, complete with 24/7 settlement and blockchain-based ownership tracking.

These strategic moves underline Goldman Sachs’ evolving perspective on cryptocurrencies, demonstrating a strong commitment to integrating digital assets into its financial products. As the financial landscape continues to shift, the bank’s $2 billion acquisition of Innovator Capital Management marks a significant step in embracing the future of crypto and blockchain technology.

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Early on Tuesday, Certik was the first to identify the suspicious activity, announcing on platform X: “We have identified several dubious transactions on Base… The perpetrator has siphoned approximately $1.6 million from Arcadia Finance, probably via random ‘swapdata’ on its rebalancer contract.“

After a few hours, Certik updated their initial report stating that the “attack” had continued and the total losses had now escalated to around $3.5 million.

Arcadia’s team responded to the breach quickly, posting on X: “We are mindful of unauthorized transactions via a Rebalancer. All asset managers should revoke all permissions immediately.” In addition, the company cautioned its users on its official website to “disconnect rebalancers and compounders” from their accounts.

Arcadia, a platform and margin protocol backed by Coinbase Ventures, provides users the ability to lend, borrow, and trade assets without needing permission.

Certik, a prominent web3 security firm in the digital assets industry, reported last month that crypto users and DeFi protocols suffered losses amounting to $302 million due to hacks and scams in May, marking a 16.9% decrease compared to the previous month.

Supported by dominant firms like Sequoia Capital, Tiger Global and Goldman Sachs, Certik’s valuation stood at $2 billion as of last year.

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With the surge in bitcoin price, U.S.-based spot bitcoin funds collectively have over $121 billion in net asset value, the highest since January this year. Bloomberg ETF analyst, Eric Balchunas, noted the difference between IBIT and other funds in a recent post, commenting on the substantial inflow into IBIT compared to others.

One notable buyer of IBIT has been Goldman Sachs, as revealed in a recent SEC filing initially discovered by MacroScope. Goldman Sachs is now the largest known IBIT holder globally, holding 30.8 million shares worth around $1.4 billion, marking a 28% increase from its holdings at the beginning of 2025’s first quarter.

The finance firm also holds 3.5 million shares of FBTC, the second-largest spot bitcoin ETF in the market in terms of assets under management, valued at about $315 million. It acquired approximately 30,000 shares in the first quarter of 2025, as per the filing.

This filing comes a few months after Goldman Sachs recognized crypto in its annual shareholder letter for the first time. The firm’s head of digital assets, Mathew McDermott, noted that if regulations allow stablecoins to be easily adopted by financial institutions, it could expedite the use of digital currency by major players.

BlackRock representatives recently met with the SEC’s Crypto Task Force to discuss staking and options on cryptocurrency exchange-traded funds. The agency has been meeting with several crypto shareholders as it seeks to adopt a more industry-friendly approach towards crypto regulation.

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Goldman Sachs had earlier started offering future trading options for Bitcoin earlier in the year. Mathew McDermott who is the head of the digital assets business at Goldman Sachs confirmed plans to launch Ethereum futures trading. Goldman Sachs has been endorsing cryptocurrencies for quite some time. They have also invested in Blockchain-based startups. Earlier in the year in May, Goldman Sachs invested $15 million in a blockchain analytics startup Coinmetrics.
Talking to Bloomberg McDermott said that they have seen a “ lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point.”

“We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective,” he added.

According to McDermott, about 10% of Goldman Sachs’ clients are already investing and trading in cryptocurrencies. Reports also suggest that a significant majority of millennial investors are investing in digital assets. With Goldman Sachs extending its support for Ethereum futures trading, it is clear that institutional investors are not shying away from adopting cryptocurrencies.

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According to the website of the Crypto Council for Innovation, the alliance aims to increase awareness of the various benefits of cryptocurrencies to regulators and policymakers. The website mentions such benefits as boosting economic growth, creating jobs, improving privacy, and improving financial inclusion. In particular, the group aims to generate more awareness about crypto and its benefits. Achieving this would involve educating policymakers, establishing government relations, and performing research in the crypto space, the website says.

Some altcoins have performed very well in the past week. As a result, on Monday, April 5, the price increase of many tokens at once has pushed the crypto market cap over $2.02 trillion, although it is now down to around $1.88 trillion, per CoinMarketCap.com data.

The establishment of the Crypto Council for Innovation also comes during the time of increasing adoption of cryptocurrencies by institutions. Cryptocurrencies are part of portfolios of companies like Tesla, MicroStrategy, Square, and Meitu. Moreover, Goldman Sachs and Morgan Stanley recently started offering digital investment support for their wealthy clients.

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However, not only the two largest cryptocurrencies have seen a price increase. Binance Coin (BNB), the third-largest crypto, is up by over 10% in the past 24 hours. In addition, it is up by almost 40% in the past 7 days, per CoinMarketCap.com data. The fifth and the sixth-ranked cryptos Polkadot (DOT) and Ripple’s XRP increased in price by over 31% and 50% in the past 7 days, respectively.

Increasing cryptocurrency adoption could be the reason why Bitcoin and altcoins post gains. Two of the world’s leading investment banks, Goldman Sachs and Morgan Stanley, started offering access to digital assets for their wealth management clients. Payment networks Visa and PayPal have introduced crypto payment support. Moreover, automaker Tesla started accepting Bitcoin for payments in the U.S.

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At the beginning of March, Goldman Sachs announced the reopening of its crypto desk. In particular, the desk deals with Bitcoin futures contracts and non-deliverable forwards. Initially, the company planned to open a Bitcoin trading desk in 2018. However, back then they put the initiative on hold.

In another exclusive report from CNBC earlier this month, another major investment bank, Morgan Stanley, revealed that it would offer its wealthy clients access to Bitcoin funds. Morgan Stanley has made other moves in the cryptocurrency space since then. According to Forex Crunch, the bank reportedly planned to make an investment in the Korean cryptocurrency exchange Bithumb. This happened shortly after the announcement. Moreover, yesterday CoinDesk reported that Morgan Stanley enabled some of its mutual funds to make indirect investments in Bitcoin.

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Reuters says Goldman Sachs is also exploring other blockchain projects. For instance, those include such initiatives as CBDCs (Central Bank Digital Currencies) and a bitcoin exchange traded fund. Decrypt says there was no comment from the company regarding dealing futures contracts for other cryptocurrencies at the moment.

The company planned to open a Bitcoin crypto trading desk in 2018. However, they put the idea on hold because of the unclear crypto regulations at the time. It seems that the risks unique to cryptocurrency trading presented some of the reasons for pausing the initiative.

Goldman Sachs’ decision to deal Bitcoin futures comes while Bitcoin seems to be recovering from the fall it experienced last week. Its price dropped from an all-time high of about $58,000 on February 21, losing over $10,000, as it went below $44,000 on Sunday, February 28. It is slowly recovering by reaching the 24-hour high of $50,127, with a 24-hour gain of around 2%, and is trading around $49,000 at the time of writing.

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