Goldman Sachs seeks to buy discounted crypto firms after FTX collapse - report

Goldman Sachs ( NYSE: GS ) is looking to deploy tens of millions of dollars to buy or take stake in cryptocurrency-related firms with bargain valuations after the downfall of the FTX ( FTT-USD ) crypto exchange, Reuters reported Tuesday, citing an interview with an executive at the firm. FTX, which was once valued to the tune of $32B, filed for Chapter 11 bankruptcy on November 11 following its abrupt implosion, spreading financial contagion throughout the crypto ecosystem. Crypto lender BlockFi, for instance, declared bankruptcy just a week ago as the fallout from FTX rumbles on. In turn, Goldman ( GS ) is conducting due diligence on an array of crypto firms that are "priced much more sensibly," Mathew McDermott, the financial services giant's head of digital assets, told Reuters. While the amount that Goldman ( GS ) is planning to spend on discounted crypto firms is a drop in the bucket when compared with its $1.5T assets, the move still underscores the firm's long-term bullish view of the emerging space. This is far from Goldman's first foray into the crypto industry. In March, the company reportedly sought to expand its institutional crypto offering with bilateral options .