Wall Street giant Goldman Sachs, once lukewarm on crypto, has surprised the financial world with its newfound commitment to Bitcoin after disclosing an impressive $710 million in BTC holdings through several exchange-traded funds.

The substantial position reflects a significant increase in the banking firm’s exposure to cryptocurrency, which could be key to its continued adoption in the traditional financial space.

Breakdown of Goldman Sachs’ BTC ETF Investments

In a previous disclosure in August, Goldman’s BTC-related ETF holdings were notably smaller, with about $252 million in BlackRock’s IBIT fund and $33.2 million in Grayscale’s GBTC being the two largest.

However, the company’s latest filing, deposited on November 14, shows a dramatic increase. Its IBIT stake has grown 83% to $461 million, while its GBTC position went up 116% to $71.8 million.

Other investments include $95.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) and $22.5 million in Bitwise’s BITB, representing a respective 13% and 156% increase in the stakes.

On the other hand, the bank’s allocation of 940,443 shares in BTCO, a joint spot Bitcoin ETF between Galaxy Digital and Invesco, is still the same as it was in August. This stash is worth $59.7 million, bringing the value of the institution’s entire crypto holding to about $710 million.

The revelation comes at a time when the regulatory landscape in the United States is easing, especially with the election of pro-crypto Donald Trump to the presidency. Furthermore, Congress now boasts more than 260 lawmakers with a crypto-friendly stance.

With ETFs providing a more secure vehicle for institutional investments in crypto, analysts believe they could spark wider adoption as more mainstream players begin exploring opportunities in the industry.

Renewed Interest Amid Growin