Goldman Sachs The firm revealed that holdings in its spot Bitcoin exchange-traded fund (ETF) reached $418 million, signaling growing institutional appetite for investing in Bitcoin.
BREAKING: 🇺🇸 Goldman Sachs reports holding over $400 million in physical assets #Bitcoin New ETFs Filed with the SEC 👀 pic.twitter.com/n4nWDfCm6w
— Bitcoin Magazine (@BitcoinMagazine) August 14, 2024
In the quarterly reportThe Wall Street giant revealed investments in seven different Bitcoin ETFs available in the U.S. market. Its largest position is in Black Rock iShares Bitcoin Trust (IBIT), valued at approximately $240 million.
Goldman also held $79.5 million in stock. Faithfulness Bitcoin ETF, Grayscale BTC $35.1 million, Invesco Galaxy Bitcoin $56.1 million, Bitwise Bitcoin ETF $8.3 million, and small investments in funds from WisdomTree and Ark Invest.
The disclosure highlights surging institutional demand for bitcoin products as the cryptocurrency goes mainstream. By holding a large, diversified bitcoin ETF, Goldman aims to benefit from a potential upside to the cryptocurrency without owning it directly.
Earlier this yearGoldman Sachs’ head of digital assets called the Bitcoin ETF a “surprising success,” marking a change of direction from the Wall Street giant after years of skepticism about Bitcoin.
As traditional finance slowly adopts Bitcoin, Bitcoin ETFs have become a major on-ramp for institutional investors to get involved. ETFs offer approachability and liquidity while mitigating the swings of Bitcoin’s volatility.
Ultimately, most large financial institutions will invest heavily in Bitcoin to meet client demand, and Goldman’s investment in a Bitcoin ETF signals a recognition that Bitcoin is here to stay.
