Goldman Sachs Reports Holding Over $400M in Bitcoin ETFs, According to Filing
Goldman Sachs, a traditional financial institution known for its skepticism towards bitcoin, has revealed an unexpected investment in spot bitcoin exchange-traded funds (ETFs) in a recent regulatory filing. The firm disclosed holdings in seven out of 11 U.S.-based bitcoin ETFs, totaling approximately $418.65 million as of June 30, as reported in a 13F filing.
Among these holdings, the largest position was nearly 7 million shares in BlackRock’s iShares Bitcoin Trust (IBIT), valued at $238.6 million. Additionally, Goldman Sachs held about 1.5 million shares of Fidelity’s Wise Origin Bitcoin ETF (FBTC) and roughly 940,000 shares of Invesco Galaxy Bitcoin ETF (BTCO). The company also reported investments in Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF (BITB), WisdomTree Bitcoin Fund (BTCW), and Ark 21Shares Bitcoin ETF.
It remains unclear whether these holdings were acquired on behalf of private clients, as attempts to obtain clarification from Goldman Sachs were unsuccessful. It is important to note that 13F filings only reflect holdings and their values as of the reporting date and do not provide information on any subsequent transactions or short positions, offering a limited view of an institutional manager’s overall investment strategy.
This filing by Goldman Sachs comes shortly after Morgan Stanley made headlines for allowing its advisors to offer bitcoin ETF investments to clients on an unsolicited basis, a departure from its traditional stance on such products.
Despite its historical skepticism, Goldman Sachs executives have expressed varying views on bitcoin. In the past, Goldman Sachs Wealth Management Group Chief Investment Officer Sharmin Mossavar-Rahmani voiced doubts about crypto as an asset class. More recently, CEO David Solomon acknowledged the potential for bitcoin to serve as a store of value akin to gold and highlighted the technology’s capacity to enhance financial systems, while cautioning against speculation on bitcoin’s price fluctuations.
The disclosure of Goldman Sachs’ significant investment in bitcoin ETFs marks a notable shift in the firm’s approach to cryptocurrencies and underscores the evolving landscape of traditional financial institutions engaging with digital assets.
