14 August 2024
Goldman Sachs has disclosed $418 million holdings in spot Bitcoin exchange-traded funds (ETFs), signalling a growing institutional appetite for Bitcoin exposure.
BREAKING: 🇺🇸 Goldman Sachs reports holding over $400 million in spot #Bitcoin ETFs in new SEC filing 👀 pic.twitter.com/n4nWDfCm6w
— Bitcoin Magazine (@BitcoinMagazine) August 14, 2024
In a quarterly filing, the Wall Street titan revealed investments in 7 different Bitcoin ETFs available in the U.S. market. Its largest position was in BlackRock’s iShares Bitcoin Trust (IBIT), worth nearly $240 million.
Goldman also held shares of the $79.5 million Fidelity Bitcoin ETF, $35.1 million in Grayscale BTC, $56.1 million in Invesco Galaxy Bitcoin, $8.3 million in Bitwise Bitcoin ETF, and smaller stakes in funds from WisdomTree, Ark Invest.
The disclosure highlights surging institutional demand for Bitcoin products as Bitcoin gains mainstream adoption. With its sizable and diverse Bitcoin ETF holdings, Goldman aims to benefit from Bitcoin’s upside potential without direct ownership.
Earlier this year, Goldman Sachs’ head of digital assets called Bitcoin ETFs an “astonishing success,” signalling a pivot after years of the Wall Street giant’s scepticism about Bitcoin.
As legacy finance gradually embraces Bitcoin, Bitcoin ETFs have become a prime gateway for institutional participation. ETFs offer familiarity and liquidity while muting Bitcoin’s volatility swings.
Eventually, most major financial institutions will likely hold significant Bitcoin exposure to meet client demand. Goldman’s Bitcoin ETF bet signals an understanding that Bitcoin is here to stay.