Goldman Sachs has disclosed holdings of $418 million in Bitcoin exchange-traded funds (ETFs), indicating growing institutional appetite for exposure to the cryptocurrency.
Breaking: 🇺🇸 Goldman Sachs announces holding over $400 million in the stock market #Bitcoin ETFs in New SEC Filing 👀 pic.twitter.com/n4nWDfCm6w
— Bitcoin Magazine (@BitcoinMagazine) August 14, 2024
In a quarterly fileThe Wall Street giant has revealed investments in seven different Bitcoin exchange-traded funds (ETFs) available in the US market. Its largest investment was in BlackRock’s iShares Bitcoin Trust (IBIT), worth nearly $240 million.
Goldman also held $79.5 million in the Fidelity Bitcoin ETF, $35.1 million in Grayscale BTC, $56.1 million in the Invesco Galaxy Bitcoin, $8.3 million in the Bitwise Bitcoin ETF, and smaller stakes in funds from WisdomTree and Ark Invest.
The disclosure highlights the growing institutional demand for Bitcoin products as Bitcoin gains widespread acceptance. With its large and diversified holdings of Bitcoin ETFs, Goldman Sachs aims to capitalize on Bitcoin’s bullish potential without direct ownership.
Earlier this year, Goldman Sachs’ head of digital assets described bitcoin exchange-traded funds as a “stunning success,” signaling a shift after years of Wall Street skepticism about bitcoin.
As traditional finance gradually embraces Bitcoin, Bitcoin ETFs have become a major gateway for institutional participation. ETFs provide familiarity and liquidity while reducing Bitcoin’s volatility.
Ultimately, most major financial institutions are likely to maintain significant exposure to bitcoin to meet customer demand, and Goldman’s bet on a bitcoin ETF signals an understanding that bitcoin is here to stay.
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