Goldman Sachs is reigniting its bitcoin trading desk operation, according to people familiar with the move.
The move, reported earlier by Reuters, comes as bitcoin's price flirts once more with $50,000. The bank first launched a bitcoin desk — which cleared futures and traded non-deliverable forwards — in 2018. But the firm apparently shut the desk down at some point.
Goldman Sachs declined to comment.
Now the desk is set to re-open in mid-March, according to a source. Reuters reported the desk would launch next week.
In any case, it will not be trading bitcoin itself — at least to start. For now, it is trading derivatives tied to the asset and exploring how it can work with a third party custody provider to offer sub-custody for bitcoin.
Still, a source at the bank said that sustained trading above $50,000 could make bitcoin an appealing asset for a bank like Goldman to trade.