Goldman Sachs has disclosed holdings of $418 million in spot bitcoin exchange-traded funds (ETFs), indicating a growing institutional appetite for bitcoin exposure.
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BREAKING NEWS: Goldman Sachs reports it has more than $400 million in spot portfolio twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF in new SEC filing image.twitter.com/n4nWDfCm6w
— bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1823633412030152960?ref_src=twsrc%5Etfw”>August 14, 2024
bitcoin&dateRange=custom&entityName=Goldman&startdt=2024-08-13&enddt=2024-08-13″>In a quarterly presentationThe Wall Street giant disclosed investments in seven different bitcoin ETFs available in the US market. Its largest position was in BlackRock's iShares bitcoin Trust (IBIT), worth nearly $240 million.
Goldman also held $79.5 million in 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 and Ark Invest.
The disclosure highlights the growing institutional demand for bitcoin products as bitcoin gains mainstream acceptance. With its sizable and diverse bitcoin ETF holdings, Goldman aims to benefit from bitcoin's upside potential without having direct ownership.
Earlier this year, Goldman Sachs' head of digital assets called bitcoin ETFs an “amazing success,” signaling a turnaround after years of skepticism from the Wall Street giant about bitcoin.
As traditional finance gradually adopts bitcoin, bitcoin ETFs have emerged as a primary gateway for institutional participation. ETFs offer familiarity and liquidity, while smoothing out bitcoin’s volatility swings.
Over time, most major financial institutions will likely maintain significant exposure to bitcoin to meet client demand. Goldman’s bet on the bitcoin ETF indicates that they understand that bitcoin is here to stay.
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