Goldman Sachs (GS) has disclosed in a recent 13F filing that it holds over $400 million in bitcoin exchange-traded funds (ETFs), underscoring a significant position in the cryptocurrency space.
The investment bank’s quarterly 13F report reveals that it holds positions in seven of the eleven bitcoin ETFs available in the U.S. market. The largest of these holdings is in the iShares Bitcoin Trust (IBIT), valued at $238.6 million. This is followed by Fidelity’s Bitcoin ETF (FBTC) with $79.5 million, Invesco Galaxy’s BTC ETF (BTCO) at $56.1 million, and Grayscale’s GBTC with $35.1 million. Goldman Sachs also holds smaller positions in BITB, BTCW, and ARKB.
The filing coincides with a positive trend in bitcoin ETF flows, which saw $4.39 million in daily inflows on Tuesday, according to SoSoValue.
Mathew McDermott, Goldman Sachs’ global head of digital assets, highlighted the significance of bitcoin ETFs. McDermott described them as a “big psychological turning point” for the industry, noting their success and the transformative potential they hold for the financial system.
Despite this, Goldman Sachs has had a complex stance on cryptocurrencies. In April, Sharmin Mossavar-Rahmani, chief investment officer of the bank’s Wealth Management unit, stated, “We do not think it is an investment asset class,” and expressed skepticism about the value of crypto as an investment.
However, the substantial investment in bitcoin ETFs suggests a growing recognition of their potential impact and the evolving view of digital assets within traditional financial institutions.
