Goldman Sachs and Jefferies expand equity research into crypto, adding analysts as digital assets gain formal institutional coverage.
Goldman Sachs and Jefferies are expanding equity research into crypto digital assets by adding dedicated analyst roles within their research divisions.
Recent job postings show both banks are hiring equity research associates focused on crypto, with roles based in research teams rather than trading desks. The move reflects more formal coverage and deeper integration of digital assets.
Goldman Sachs Expands Structured Crypto Coverage
Goldman Sachs has changed its public stance on digital assets over the past few years.
The bank once questioned the asset class in 2020. It now holds crypto exposure through regulated investment vehicles.
In its fourth quarter 2025 filing, Goldman reported about $3.3 billion in crypto exposure.
This equals about 0.33% of its assets under management. The holdings include Bitcoin, Ethereum, XRP, and Solana through spot ETFs.
The bank holds about $1.1 billion in Bitcoin and $1 billion in Ethereum. It also reported $153 million in XRP and $108 million in Solana.
These positions are mainly through exchange traded funds. Goldman uses its Digital Assets Platform for issuing and settling digital instruments.
The platform supports tokenized financial products. The bank planned to spin off the platform into a standalone solution by late 2025.
Beyond research, Goldman is expanding client services linked to digital assets. These services include derivatives trading and futures.
The bank is also exploring tokenization for collateral mobility and crypto lending. The addition of crypto equity research roles supports these broader activities.
Structured research allows institutional clients to access formal analysis. It also aligns digital assets with other covered sectors.
Jefferies Builds Research Framework for Digital Assets
Jefferies is also adding crypto focused roles within its equity research division. The firm views digital asset companies as maturing market participants.
It is aligning coverage with traditional capital markets sectors. The bank produces research content such as “The Library of COINgress.”
This publication guides institutional investors through the digital asset space. It covers exchanges, infrastructure firms, and related companies.
Jefferies research notes that crypto exchanges have become more established entities. It also tracks how digital asset firms raise capital.
Many of these firms now use traditional debt markets. The firm integrates crypto coverage into broader capital market activities.
It supports companies that are preparing for public listings. Some digital asset firms are now described as “IPO ready.”
Placing crypto research within equity divisions formalizes analytical oversight. It also connects digital asset companies to standard valuation frameworks.
This approach aligns with institutional reporting standards. The expansion reflects growing demand from institutional investors.
Clients seek structured data and sector comparisons. Equity research teams provide that analysis within established processes.
Related Reading: Goldman Sachs Reveals $2.3B Crypto Exposure via Spot ETFs
Institutional Adoption and Regulatory Framework
The formal expansion of crypto research follows changes in US regulation. The Financial Innovation and Technology Act passed in 2024.
The GENIUS Act followed in 2025. These laws created clearer rules for digital asset markets.
They addressed custody, trading, and disclosure standards. Regulatory clarity supports broader participation by large banks.
Both Goldman Sachs and Jefferies operate within regulated environments. Placing crypto in equity research aligns with compliance structures.
It also supports transparent reporting to clients. Digital assets are increasingly included in diversified institutional portfolios. Exposure often comes through regulated ETFs and public companies.
Research coverage helps investors assess these holdings. The new analyst roles show that crypto is treated as a sector within equity research.
Coverage now sits alongside technology and financial services. This placement reflects how Wall Street firms are adapting to digital assets.
Source: https://www.livebitcoinnews.com/goldman-sachs-and-jefferies-expand-equity-research-into-crypto-digital-assets/
