- Goldman Sachs revealed $418M in Bitcoin ETFs, showcasing its shift towards digital assets and institutional adoption.
- Bitcoin ETF adoption soared in 2024, with the iShares Bitcoin ETF alone drawing $20.5 billion in net inflows this year.
- BlackRock is on track to surpass Satoshi Nakamoto’s Bitcoin holdings, becoming the largest holder by late next year.
Goldman Sachs has shifted its stance on digital assets, investing heavily in Bitcoin ETFs. The banking giant disclosed holdings of $418 million in Bitcoin-related ETFs in its latest quarterly 13F filing. This report, for the quarter ending June 30, reveals Goldman Sachs’ growing interest in Bitcoin investments.
The filing highlights a major position in BlackRock’s iShares Bitcoin Trust, valued at $238.6 million. This position includes 6,991,248 shares. Besides this, Goldman Sachs also holds $79.5 million in the Fidelity Bitcoin ETF and $35.1 million in the Grayscale Bitcoin Trust. Moreover, the bank has invested $56.1 million in the Invesco Galaxy Bitcoin ETF, further demonstrating its confidence in the digital asset space.
Goldman Sachs also maintains smaller positions, including $8.3 million in the Bitwise Bitcoin ETF, $749,469 in the WisdomTree Bitcoin ETF, and $299,900 in the ARK 21Shares Bitcoin ETF. These investments represent a significant shift from the traditional skepticism that once characterized the financial industry’s approach to digital assets.
Institutional adoption of Bitcoin ETFs has surged throughout 2024. The iShares Bitcoin ETF alone has attracted $20.5 billion in cumulative net inflows this year, according to Nate Geraci, President of the ETF Store. This surpasses the next closest non-spot Bitcoin ETF, which received only $1.3 billion in inflows.
Furthermore, the top four ETF launches of 2024 include the iShares Bitcoin ETF, Fidelity Bitcoin ETF, ARK 21Shares Bitcoin ETF, and Bitwise Bitcoin ETF, according to data from SoSoValue. This trend reflects a broader acceptance of Bitcoin ETFs among institutional investors, including major players like Goldman Sachs.
This disclosure underscores Goldman Sachs’ evolving strategy towards integrating Bitcoin into its financial products. Hence, the bank’s increasing Bitcoin ETF holdings represent a notable development in institutional cryptocurrency adoption.
Switching gears, Eric Balchunas, Senior ETF analyst at Bloomberg, noted that U.S. ETFs are on track to surpass Satoshi Nakamoto’s Bitcoin holdings by October. BlackRock alone is already the third-largest holder of Bitcoin and is on pace to become the largest by late next year, likely maintaining this position for an extended period.
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