Key Points
- According to their recent SEC filing, Goldman Sachs holds approximately $418 million in spot Bitcoin ETF shares across seven funds as of June 30, 2024.
- The investment bank’s largest position is in BlackRock’s iShares Bitcoin Trust (IBIT), valued at $238.6 million. This makes Goldman the fund’s third-largest holder.
Goldman’s Bitcoin ETF Portfolio
Goldman Sachs, a multinational financial services company, has disclosed substantial holdings in U.S. spot Bitcoin exchange-traded funds (ETFs) in its quarterly 13F filing with the Securities and Exchange Commission on August 13, 2024. The filing reveals that as of June 30, 2024, Goldman Sachs held Bitcoin ETF shares worth approximately $418 million across seven different funds.
The bank’s largest position is in the iShares Bitcoin Trust (IBIT), managed by BlackRock, with 6.9 million shares valued at $238.6 million. This makes Goldman Sachs the third-largest holder of the IBIT fund, behind Millennium Management and Capula Management Ltd.
Other significant holdings include:
- Fidelity Wise Origin Bitcoin Fund (FBTC): 1.51 million shares worth $79.5 million
- Invesco Galaxy Bitcoin ETF (BTCO): $56.1 million
- Grayscale Bitcoin Trust ETF (GBTC): 660,183 shares worth $35.1 million
Goldman Sachs also holds more minor positions in Bitcoin ETFs from Bitwise, WisdomTree, and Ark-21Shares.
Institutional Interest in Bitcoin ETFs
The disclosure of Goldman Sachs’ Bitcoin ETF holdings underscores the growing institutional interest in cryptocurrency-based investment products. Since their launch earlier in 2024, the 11 spot Bitcoin ETFs have generated $17.4 billion in inflows, according to U.K. asset manager Farside Investors.
Recent filings from other major financial institutions further evidence this trend. Capula, one of Europe’s largest hedge funds, revealed spot Bitcoin ETF holdings of $464 million in its 13F filing earlier this month, with its two largest holdings also in BlackRock and Fidelity’s spot Bitcoin funds.
Market Impact and Bitcoin Performance
The increased institutional participation in Bitcoin ETFs has coincided with notable movements in the cryptocurrency market. The cryptocurrency market faces challenges due to macroeconomic uncertainties affecting various risk-on assets. Despite these headwinds, the Bitcoin ETFs generated $39 million in net inflows on a recent Tuesday, with iShares’ IBIT leading at $34.6 million, followed by Fidelity’s FBTC with $22.6 million.
Goldman Sachs’ Evolving Stance on Cryptocurrency
Goldman Sachs’ significant investment in Bitcoin ETFs marks a notable shift in the bank’s approach to cryptocurrency. This move comes despite previous statements from the bank expressing skepticism about crypto assets. The substantial holdings in various Bitcoin ETFs suggest a strategic repositioning to capitalize on the growing institutional demand for cryptocurrency exposure through regulated investment vehicles.
As the cryptocurrency market matures and attracts mainstream financial institutions, Goldman Sachs’ involvement in Bitcoin ETFs may signal a broader trend of traditional finance embracing digital assets as a legitimate asset class.
