Goldman Sachs Doubles Down on Bitcoin: ETF Investment Hits $710 Million

Goldman Sachs has taken a significant step in bolstering its cryptocurrency portfolio, as revealed by the SEC’s Q3 13F report for 2024. The report highlights the bank’s $710 million investment in bitcoin ETFs, showcasing its growing confidence in digital assets and the broader crypto market.

Table ofContent

• Largest Holdings in Bitcoin ETFs
• BlackRock’s iShares Bitcoin Trust (IBIT)
• A 116% increase in Grayscale Bitcoin Trust (GBTC)
• Institutional Standing

The Goldman Sachs has significantly expanded its cryptocurrency holdings, with the U.S. Securities and Exchange Commission’s (SEC) Q3 13F report, ending september 30, revealed that Goldman Sachs now owns $710 million in digital assets.

The 13F report, a mandatory quarterly filing for institutional investment managers that handle assets exceeding worth more than $100 million, revealed that Goldman Sachs has significantly increased its holdings in a diverse portfolio of bitcoin ETFs.

Goldman Sachs’ largest position is in BlackRock’s iShares Bitcoin Trust (IBIT), where the bank owns 12.7 million shares valued at $461 million as of the latest filing. This marks an impressive 83% increase, Compared to the last filing in August, when it reported holdings of 6.9 million shares worth $281 million. Additionally, Goldman owns over 1.7 million shares of Fidelity’s Wise Origin Bitcoin ETF (FBTC), valued at $95.5 million, reflecting a 13% growth.

Goldman Sachs has significantly increased its cryptocurrency investments, with a 116% increase in Grayscale Bitcoin Trust (GBTC) holdings, currently owning more than 1.4 million shares valued at $71.8 million. Additionally, the bank reported a 156% surge in Bitwise Bitcoin ETF (BITB) holdings, which is a total of $22.5 million across 650,961 shares. The filing also highlights smaller investments in bitcoin ETFs from Ark Invest, 21Shares, WisdomTree, and Invesco Galaxy, highlighting a diversified approach to its digital asset strategy.

Due to this rise in bitcoin holdings, Goldman Sachs as the second-largest IBIT investor in BlackRock’s ishares Bitcoin Trust (IBIT), behind only the hedge fund Millennium Management, which leads with $844 million in holdings.

The surge in Goldman Sachs’ bitcoin ETF holdings alighns with unprecedented uptick in spot bitcoin ETF activity, which saw an unprecedented $8 billion in daily trading volume on Thursday.

This strategic move by Goldman Sachs underscores the growing institutional interest in digital assets, showcasing a strong vote of confidence to investors and market observers about the potential of cryptocurrencies in the mainstream finance.

The market rally is largely driven by expectations of a pro-crypto regulatory environment under the Trump administration. Promise to support crypto mining and the potential establishment of a Bitcoin reserve have fueled optimism among investors, further boosting confidence in the digital asset space.