3 months ago
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According to the filing, Goldman Sachs holds substantial positions across seven different Bitcoin ETFs available in the U.S. market.
American multinational investment bank Goldman Sachs has recently disclosed big holdings in various spot Bitcoin exchange-traded funds (ETFs) in the second quarter of 2024. The investment details were first shared by an X account Macroscope, citing the bank’s 13F filing, a quarterly report required by the U.S. Securities and Exchange Commission (SEC).
According to the filing, Goldman Sachs holds substantial positions across seven different Bitcoin ETFs available in the U.S. market. The most significant holding is nearly 6.99 million shares of BlackRock’s IBIT, valued at $238 million. This makes the banking giant the third-largest holder of the IBIT fund, trailing only behind Millennium Management and Capula Management Ltd.
In addition to IBIT, Goldman Sachs has diversified its Bitcoin exposure across multiple ETFs. The bank holds 1.51 million shares of Fidelity’s Bitcoin ETF (FBTC), worth approximately $80 million. Other notable holdings include $56 million in Invesco Galaxy’s BTCO, $35 million in Grayscale‘s GBTC, and $8.3 million in Bitwise’s BITB. Goldman Sachs has also invested over $1 million in WisdomTree‘s BTCW and Ark‘s ARKB.
These holdings underline Goldman Sachs’ regulated move to increase its exposure to Bitcoin through various ETFs.
Rising Institutional Interest
Goldman Sachs’ substantial Bitcoin ETF holdings are part of a larger trend where institutional exposure to BTC has been steadily increasing. More than 500 institutional investors have allocated major funds to Bitcoin ETFs.
Recently, hedge fund giant Capula Investment Management also disclosed its exposure to spot Bitcoin ETFs. The firm has invested $464 million on these funds in Q2 2024, according to its 13F filing with the SEC.
IBIT’s Dominance
Among the ETFs, BlackRock’s IBIT has emerged as a standout performer. Nate Geraci, a prominent voice in the ETF space, stated on X that IBIT has attracted around $20.5 billion this year alone. This places it far ahead of other new ETF launches, with the next closest non-Bitcoin ETF trailing way behind at $1.3 billion.
Meanwhile, after a series of outflows last week, the Bitcoin ETFs market has started gaining momentum. On Monday and Tuesday, these funds saw net inflows of $27.8 million and $39 million, respectively.
The surge in Bitcoin ETF investments coincides with a broader rally in Bitcoin’s price. The cryptocurrency has gained around 3.5% in the last 24 hours, currently trading around $61,000. This momentum comes as the market anticipates the release of U.S. Consumer Price Index (CPI) inflation data later this week, which could further influence Bitcoin’s price trajectory.
As more institutional players disclose their positions in the spot Bitcoin ETFs, it will be fascinating to see how these investments shape the future of the cryptocurrency.
