Major investment bank Goldman Sachs has revealed its significant stake in spot Bitcoin ETFs (exchange-traded funds). The finance giant, which has been an outspoken critic of Bitcoin, appears to be shifting its investment strategy towards crypto assets, specifically the world’s largest cryptocurrency by market cap.
Goldman Sachs Discloses $461 Million in BlackRock Bitcoin ETF
On Thursday, November 14, Goldman Sachs It has been detected In a filing with the US Securities and Exchange Commission (SEC), it declared its holdings of about $718 million in eight Bitcoin ETFs. The company’s latest quarterly report revealed that the bank expanded its Bitcoin fund portfolio by $300 million.
Goldman Sachs initially ventured into the US Bitcoin ETF market earlier in the second quarter of 2024, unveiling a $418 million Bitcoin fund investment. However, the BTC ETF’s portfolio has grown by more than 71%, now standing at $718 million.
According to a November 14 filing with the US Securities and Exchange Commission, Goldman Sachs now owns $461 million in BlackRock’s Bitcoin ETF (ticker IBIT). The investment bank also disclosed a $96 million holding in Fidelity’s Wise Origin Bitcoin Fund (with ticker FBTC).
Furthermore, Goldman Sachs disclosed $72 million in the Grayscale Bitcoin Trust ETF (GBTC) and about $60 million in the Invesco Galaxy Bitcoin ETF. Also noteworthy are the bank’s investments of $22 million and $3 million in Bitwise’s Bitcoin fund and Ark/21Shares exchange-traded fund (ETF), respectively.
Bitcoin ETFs weren’t the only cryptocurrency endeavors undertaken by Goldman Sachs last quarter. The investment banking giant has also dabbled in recently launched Ethereum exchange-traded funds, including $22.6 million in the Grayscale Ethereum Mini Trust ETF and $2.6 million in the Fidelity Ethereum Fund.
While Bitcoin ETFs have received significant attention and capital since their launch, their Ethereum counterparts have largely struggled since arriving on the market. However, Ethereum ETFs appear to be enjoying a period of recovery, recently recording six consecutive days of inflows.
Source: SoSoValue
What else was Goldman Sachs doing?
As previously mentioned, Goldman Sachs has made big moves in the cryptocurrency industry since the turn of the year. While investing in cryptocurrency exchange-traded funds seems like the obvious path, the banking company is also considering blockchain technology projects.
like I mentioned In July, Goldman Sachs revealed its plans to expand its digital currency offerings, with a particular focus on the crypto sector. Global Head of Digital Assets Matthew McDermott revealed the bank’s intention to launch three tokenization projects before the end of 2024.
The price of Bitcoin thickens around the $90,000 mark on the daily timeframe | Source: BTCUSDT cahrt on TradingView
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