Goldman Sachs Has More Than $400 Million Invested in Spot Bitcoin ETFs

Deniz Saat

August 14, 2024 @ 12:49 PM PT

Goldman Sachs disclosed $418 million in spot Bitcoin ETF holdings, reflecting a rising institutional interest in Bitcoin.

In their recent quarterly filing, the investment bank detailed its holdings across seven different U.S. Bitcoin ETFs, with the largest being nearly $240 million in BlackRock's iShares Bitcoin Trust (IBIT).

Other significant investments included $79.5 million in Fidelity's Bitcoin ETF, $56.1 million in Invesco Galaxy Bitcoin, $35.1 million in Grayscale’s GBTC, and $8.3 million in Bitwise Bitcoin ETF, alongside smaller positions in funds from WisdomTree and Ark Invest.

This filing highlights the increasing institutional interest in Bitcoin as it gains wider acceptance.

Goldman Sachs' diversified approach to Bitcoin ETF investments reflects a strategy to gain exposure to Bitcoin's potential gains while avoiding direct ownership of the asset.

Earlier this year, Goldman's head of digital assets described Bitcoin ETFs as an "astonishing success," indicating a shift from the bank's earlier cautious stance.

As more traditional financial institutions explore Bitcoin, ETFs are becoming a popular option for institutional investors, offering both liquidity and a way to manage Bitcoin's volatility.

Goldman Sachs' growing involvement in Bitcoin ETFs may signal a broader trend of traditional finance integrating Bitcoin into their portfolios.