Major investment bank Goldman Sachs has revealed its significant holding in bitcoin spot ETFs (exchange-traded funds). The financial giant, once a vocal critic of bitcoin, appears to be shifting its investment strategy toward crypto assets, specifically the world's largest cryptocurrency by market capitalization.
Goldman Sachs reveals $461 million in BlackRock bitcoin ETF
On Thursday, November 14, Goldman Sachs revealed in a filing with the United States Securities and Exchange Commission (SEC) its holdings of around $718 million in eight bitcoin ETFs. The company's latest quarterly report revealed that the bank has expanded its bitcoin fund portfolio by $300 million.
Goldman Sachs initially ventured into the US bitcoin ETF market in early Q2 2024, revealing a $418 million bitcoin fund investment. However, the btc ETF portfolio has grown by over 71% as it now stands at $718 million.
According to a Nov. 14 filing with the U.S. SEC, Goldman Sachs now owns $461 million in the BlackRock Spot bitcoin ETF (with the symbol IBIT). The investment bank also revealed a $96 million stake in Fidelity's Wise Origin bitcoin Fund (ticker FBTC).
Additionally, Goldman Sachs disclosed $72 million in the Grayscale bitcoin Trust ETF (GBTC) and approximately $60 million in the Invesco Galaxy bitcoin exchange-traded fund. Also worth mentioning are the bank's $22 million and $3 million investments in the Bitwise bitcoin fund and the Ark/21Shares ETF, respectively.
bitcoin ETFs weren't the only crypto efforts made by Goldman Sachs in the last quarter. The investment banking giant also dabbled in recently launched ethereum exchange-traded funds, including $22.6 million in the Grayscale ethereum Mini Trust ETF and $2.6 million in the Fidelity ethereum Fund.
While bitcoin spot exchange-traded funds have attracted significant attention and capital since their launch, their ethereum counterparts have largely struggled since hitting the market. However, ethereum ETFs appear to be enjoying a comeback period, having recently recorded six consecutive days of inflows.
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Source: SoSoValue
What else has Goldman Sachs been up to?
As mentioned above, Goldman Sachs has been making big strides in the cryptocurrency industry since the beginning of the year. While investing in cryptocurrency exchange-traded funds seems like the obvious path, the banking company has also been considering blockchain technology companies.
As <a target="_blank" href="https://www.newsbtc.com/news/goldman-sachs-embraces-crypto-with-three-new-initiatives-in-the-pipeline/” target=”_blank” rel=”noopener nofollow”>reported In July, Goldman Sachs revealed plans to expand its cryptocurrency offerings, specifically focusing on the tokenization sector. Global head of digital assets Matthew McDermott revealed the bank's intentions to launch three tokenization projects before the end of 2024.
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