Goldman Sachs, one of the leading global investment banks, has significantly expanded its Bitcoin exchange-traded fund (ETF) holdings, announcing a $718 million investment in a filing with the U.S. Securities and Exchange Commission (SEC) on November 14.
Goldman Sachs Increases Bitcoin ETF Assets by 71% to $710 Million
$300 Million Added Since Q2 2024
Goldman Sachs has increased its Bitcoin ETF portfolio by $300 million since the second quarter, marking a 71% increase, the bank’s quarterly asset report revealed.
Goldman’s largest Bitcoin ETF investment is its $461 million stake in BlackRock’s iShares Bitcoin Trust ETF (IBIT). Other holdings include:
- $96 million in Fidelity's Wise Origin Bitcoin Fund (FBTC)
- $72 million in Grayscale Bitcoin Trust ETF (GBTC)
- Invesco Galaxy Bitcoin ETF (BTCO) $60 million
- The additional investments in Bitwise, ARK 21Shares, Grayscale Mini Trust, and WisdomTree Bitcoin ETFs total approximately $30 million.
The bank also announced that it has invested $22.6 million in Ethereum-focused ETFs, including Grayscale's Ethereum Mini Trust ETF and Fidelity's Ethereum Fund.
Strategy Change
Goldman Sachs first entered the Bitcoin ETF market with a $418 million investment in Q2 2024. The move comes despite the bank’s previous skepticism towards cryptocurrencies.
Goldman Sachs dismissed Bitcoin and cryptocurrencies in 2020 as “not an asset class” and unsuitable for investment. As late as April 2024, Sharmin Mossavar-Rahmani, CIO of Goldman Sachs Private Wealth Management, reiterated her skepticism, comparing crypto enthusiasm to the “tulip mania” of the 1600s.
Changing Sentiment Amidst Institutional Adoption
The bank’s latest moves mark a notable shift in line with broader institutional adoption of Bitcoin. Its investments in leading Bitcoin ETFs like BlackRock’s IBIT and Fidelity’s FBTC underscore growing confidence in the asset’s potential as regulatory clarity increases.
*This is not investment advice.
