Goldman Sachs holds $710M in Bitcoin ETFs — SEC filing

Goldman Sachs, a major global investment bank once critical of Bitcoin, has disclosed significant holdings in Bitcoin exchange-traded funds (ETFs). In a Nov. 14 filing with the United States Securities and Exchange Commission, Goldman Sachs reported about $718 million in holdings in eight Bitcoin BTC$91,361 ETFs. The report disclosed a $461-million investment in BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust ETF (IBIT). The bank’s latest quarterly holdings report revealed it has added $300 million to its Bitcoin ETF portfolio since the second quarter, a 71% increase.

Goldman Sachs jumped into Bitcoin ETFs in Q2 2024

Goldman Sachs entered the spot Bitcoin ETF market in Q2, disclosing its first BTC ETF purchase in August, worth $418 million. Apart from a $461-million investment in BlackRock’s IBIT, Goldman Sachs also now holds $96 million in Fidelity’s Wise Origin Bitcoin Fund, $72 million in the Grayscale Bitcoin Trust ETF and around $60 million in the Invesco Galaxy Bitcoin ETF.

Additionally, Goldman Sachs holds $22.5 million worth of Bitwise Bitcoin ETF, $3 million in the ARK 21Shares Bitcoin ETF, about $4 million in the Grayscale Bitcoin Mini Trust ETF and around $800,000 in the WisdomTree Bitcoin Fund. Apart from massive Bitcoin ETF investments, Goldman Sachs also revealed $22 million investments in Ether ETH$3,112.62 ETFs, including a $22.6-million investment in the Grayscale Ethereum Mini Trust ETF and $2.6 million in the Fidelity Ethereum Fund.

Goldman Sachs execs used to heavily slam Bitcoin

One of the world’s largest investment banks, Goldman Sachs is widely known in the cryptocurrency community for its past criticism of Bitcoin. In 2020, Goldman Sachs slammed Bitcoin and cryptocurrencies, arguing that they are “not an asset class” and “not a suitable investment” for its clients. Even after Goldman Sachs launched its limited BTC derivatives trading desk in May 2021, some of its executives, such as Private Wealth Management chief investment officer Sharmin Mossavar-Rahmani, remained skeptical of crypto. In an April Wall Street Journal interview, Mossavar-Rahmani said that Goldman Sachs’ clients had not expressed much interest in exposure to crypto despite a major bull market this year. “We do not think it is an investment asset class,” Mossavar-Rahmani said, comparing the recent crypto enthusiasm to the tulip mania of the 1600s. “We’re not believers in crypto,” she added.