Goldman Sachs owns over $400 million in Spot Bitcoin ETFs

Goldman Sachs disclosed holdings of $418 million in Bitcoin exchange-traded funds (ETFs), signaling a growing institutional appetite for Bitcoin exposure.

BREAKING: 🇺🇸 Goldman Sachs reports holding more than $400 million #Bitcoin ETFs in New SEC Filing 👀 pic.twitter.com/n4nWDfCm6w

— Bitcoin Magazine (@BitcoinMagazine) August 14, 2024

In a quarterly filing, the Wall Street titan disclosed investments in 7 different Bitcoin ETFs available in the US market. His largest position was in BlackRock’s iShares Bitcoin Trust (IBIT), worth nearly $240 million.

Goldman also held $79.5 million in Fidelity Bitcoin ETF shares, $35.1 million in Grayscale BTC, $56.1 million in Invesco Galaxy Bitcoin, $8.3 million in Bitwise Bitcoin ETF and stakes lower in funds from WisdomTree, Ark Invest.

The disclosure highlights growing institutional demand for Bitcoin products as Bitcoin gains mainstream adoption. With its sizable and diverse Bitcoin ETF holdings, Goldman aims to benefit from Bitcoin’s growth potential without direct ownership.

Earlier this year, Goldman Sachs’ head of digital assets called Bitcoin ETFs a “stunning success,” signaling a pivot after years of the Wall Street giant’s skepticism toward Bitcoin.

As legacy finance gradually embraces Bitcoin, Bitcoin ETFs have become a primary gateway for institutional participation. ETFs provide familiarity and liquidity while reducing Bitcoin’s volatility swings.

Ultimately, most major financial institutions will likely hold significant Bitcoin exposure to meet customer demand. Goldman’s Bitcoin ETF bet signals understanding that Bitcoin is here to stay.