Major investment bank Goldman Sachs has disclosed its significant stake in spot Bitcoin ETFs (exchange-traded funds). The finance behemoth, once a vocal Bitcoin critic, appears to be shifting its investment strategy towards crypto assets, specifically the world’s largest cryptocurrency by market capitalization.

Goldman Sachs Discloses $461 Million In BlackRock’s Bitcoin ETF

On Thursday, November 14, Goldman Sachs disclosed in a filing with the United States Securities and Exchange Commission (SEC) its holdings of about $718 million in eight Bitcoin ETFs. The firm’s latest quarterly report revealed that the bank has expanded its Bitcoin fund portfolio by $300 million.

Goldman Sachs initially ventured into the United States Bitcoin ETF market earlier in 2024’s second quarter, unveiling a Bitcoin fund investment of $418 million. However, the BTC exchange-traded fund portfolio has grown by more than 71%, as it now stands at $718 million.

According to the Nov 14 filing with the United States SEC, Goldman Sachs now holds $461 million in BlackRock’s spot Bitcoin ETF (with the ticker IBIT). The investment bank also revealed a $96 million holding in Fidelity’s Wise Origin Bitcoin Fund (with the ticker FBTC).

Furthermore, Goldman Sachs disclosed $72 million in the Grayscale Bitcoin Trust ETF (GBTC) and roughly $60 million in the Invesco Galaxy Bitcoin exchange-traded fund. It is also worth mentioning the bank’s $22 million and $3 million investments in Bitwise’s Bitcoin fund and  Ark/21Shares’ ETF, respectively.

Bitcoin ETFs were not the only crypto endeavors made by Goldman Sachs in the last quarter. The investment banking giant also dabbled in the recently launched spot Ethereum exchange-traded funds, including $22.6 million in Grayscale Ethereum Mini Trust ETF and $2.6 million in the Fidelity Ethereum Fund.

While the spot Bitcoin exchange-traded funds have garnered significant attention and capital since launch, their Eth

Go to Source to See Full Article
Author: Opeyemi Sule