Major investment bank Goldman Sachs has disclosed its significant stake in spot Bitcoin ETFs (exchange-traded funds). The finance behemoth, once a vocal Bitcoin critic, appears to be shifting its investment strategy towards crypto assets, specifically the world’s largest cryptocurrency by market capitalization.
Goldman Sachs Discloses $461 Million In BlackRock’s Bitcoin ETF
On Thursday, November 14, Goldman Sachs disclosed in a filing with america Securities and Exchange Commission (SEC) its holdings of about $718 million in eight Bitcoin ETFs. The firm’s latest quarterly report revealed that the bank has expanded its Bitcoin fund portfolio by $300 million.
Goldman Sachs initially ventured into america Bitcoin ETF market earlier in 2024’s second quarter, unveiling a Bitcoin fund investment of $418 million. Nevertheless, the BTC exchange-traded fund portfolio has grown by greater than 71%, because it now stands at $718 million.
In keeping with the Nov 14 filing with america SEC, Goldman Sachs now holds $461 million in BlackRock’s spot Bitcoin ETF (with the ticker IBIT). The investment bank also revealed a $96 million holding in Fidelity’s Smart Origin Bitcoin Fund (with the ticker FBTC).
Moreover, Goldman Sachs disclosed $72 million within the Grayscale Bitcoin Trust ETF (GBTC) and roughly $60 million within the Invesco Galaxy Bitcoin exchange-traded fund. Additionally it is price mentioning the bank’s $22 million and $3 million investments in Bitwise’s Bitcoin fund and Ark/21Shares’ ETF, respectively.
Bitcoin ETFs weren’t the one crypto endeavors made by Goldman Sachs within the last quarter. The investment banking giant also dabbled within the recently launched spot Ethereum exchange-traded funds, including $22.6 million in Grayscale Ethereum Mini Trust ETF and $2.6 million within the Fidelity Ethereum Fund.
While the spot Bitcoin exchange-traded funds have garnered significant attention and capital since launch, their Ethereum counterparts have largely struggled since hitting the market. Nevertheless, the Ethereum ETFs look like having fun with a period of restitution, having recently recorded six consecutive days of inflows.
Source: SoSoValue
What Else Has Goldman Sachs Been Up To?
As mentioned earlier, Goldman Sachs has been making major moves within the cryptocurrency industry for the reason that turn of the yr. While investing in crypto exchange-traded funds looks as if the apparent path, the banking firm has also been considering blockchain technology ventures.
As reported in July, Goldman Sachs disclosed its plans to expand its crypto offering, specifically specializing in the tokenization sector. Global Head of Digital Assets Matthew McDermott revealed the bank’s intentions to launch three tokenization projects before the top of 2024.
The value of Bitcoin thickens across the $90,000 mark on the each day timeframe | Source: BTCUSDT cahrt on TradingView
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