Goldman Sachs, a leading global investment bank, has significantly expanded its Bitcoin exchange-traded fund (ETF) holdings, revealing $718 million in investments as of a Nov. 14 filing with the U.S. Securities and Exchange Commission (SEC).
$300 Million Added Since Q2 2024
The bank’s quarterly holdings report disclosed that Goldman Sachs increased its Bitcoin ETF portfolio by $300 million since the second quarter, marking a 71% jump in exposure.
Goldman’s largest Bitcoin ETF investment is a $461 million stake in BlackRock’s iShares Bitcoin Trust ETF (IBIT). Other holdings include:
- $96 million in Fidelity’s Wise Origin Bitcoin Fund (FBTC)
- $72 million in the Grayscale Bitcoin Trust ETF (GBTC)
- $60 million in the Invesco Galaxy Bitcoin ETF (BTCO)
- Additional investments in Bitwise, ARK 21Shares, Grayscale Mini Trust, and WisdomTree Bitcoin ETFs, totaling approximately $30 million.
The bank also revealed $22.6 million in investments in Ethereum-focused ETFs, including Grayscale’s Ethereum Mini Trust ETF and Fidelity’s Ethereum Fund.
Shift in Strategy
Goldman Sachs first entered the Bitcoin ETF market in Q2 2024 with a $418 million investment. This move came despite the bank’s previous skepticism of cryptocurrencies.
In 2020, Goldman Sachs dismissed Bitcoin and cryptocurrencies as “not an asset class” and unsuitable for investment. Even as late as April 2024, Goldman Sachs Private Wealth Management CIO Sharmin Mossavar-Rahmani reiterated skepticism, comparing crypto enthusiasm to the “tulip mania” of the 1600s.
Changing Sentiment Amid Institutional Adoption
The bank’s recent moves signal a notable shift, aligning with broader institutional adoption of Bitcoin. Its investments in leading Bitcoin ETFs such as BlackRock’s IBIT and Fidelity’s FBTC underscore growing confidence in the asset’s potential as regulatory clarity improves.
With total holdings nearing three-quarters of a billion dollars, Goldman Sachs is now firmly positioned as a major player in the Bitcoin ETF space, reflecting evolving sentiment toward digital assets in traditional finance.
