Originally published on: November 15, 2024
In a surprising turn of events, Goldman Sachs, a prominent global investment bank with a history of skepticism towards Bitcoin, has unveiled substantial holdings in Bitcoin exchange-traded funds (ETFs).
As per a recent filing with the United States Securities and Exchange Commission on Nov. 14, Goldman Sachs declared approximately $710 million in investments across eight different Bitcoin ETFs. This disclosure marks a significant shift in the bank’s stance on the cryptocurrency.
The filing indicates a noteworthy $461 million investment in BlackRock’s iShares Bitcoin Trust ETF (IBIT), showcasing Goldman Sachs’ confidence in the growing popularity of Bitcoin ETFs. Furthermore, the bank’s quarterly report revealed a significant increase of $300 million in its Bitcoin ETF portfolio since the previous quarter, representing a notable 71% surge.
Goldman Sachs first made its mark in the spot Bitcoin ETF market in Q2 with an initial purchase of $418 million in August. Since then, the bank has diversified its holdings, now including investments in other prominent Bitcoin ETFs such as Fidelity’s Wise Origin Bitcoin Fund, Grayscale Bitcoin Trust ETF, and Invesco Galaxy Bitcoin ETF.
In addition to its substantial Bitcoin ETF investments, Goldman Sachs has also ventured into the world of Ether ETFs, with $22 million invested in various Ether ETFs, including the Grayscale Ethereum Mini Trust ETF and the Fidelity Ethereum Fund.
This unexpected move by one of the world’s largest investment banks, known for its previous criticisms of cryptocurrencies, signals a shift in traditional financial institutions’ attitudes towards digital assets. Despite past reservations, Goldman Sachs’ foray into the crypto space reflects a growing acceptance of Bitcoin and Ether as viable investment options.
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