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Goldman Sachs increases stake in Bitcoin ETFs to $710 million
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Goldman Sachs has significantly increased its holdings in Bitcoin exchange-traded funds (ETFs), according to its latest quarterly report filed with the United States Securities and Exchange Commission (SEC).
The global financial services company now holds around $710 million in various Bitcoin ETFs, reinforcing growing institutional interest in the digital asset.
The biggest highlight among the bank’s holdings is BlackRock’s iShares Bitcoin Trust (IBIT). Goldman acquired 12.7 million shares of the fund, valued at $461 million at the end of the third quarter. This number represents an 83% growth compared to the previous quarter, when it had 6.9 million shares valued at US$281 million.
In this way, Goldman Sachs became the second largest holder of IBIT, behind only the hedge fund Millennium Management, which leads with US$844 million in holdings.
Goldman Sachs doubles down on Bitcoin ETFs
Additionally, the bank expanded its positions in other relevant Bitcoin ETFs. Among them, Fidelity’s Wise Origin Bitcoin ETF (FBTC). Goldman now owns 1.7 million shares valued at $95.5 million, an increase of 13% over the period.
The institution also doubled its exposure to the Grayscale Bitcoin Trust (GBTC), with a 116% growth compared to the previous quarter. The 1.4 million shares currently held by Goldman are valued at $71.8 million. Another highlight was the 156% increase in participation in the Bitwise Bitcoin ETF (BITB), which now totals 650,961 shares worth US$22.5 million.
Goldman Sachs’ move follows a trend of strong capital inflows into Bitcoin ETFs, especially amid expectations of a favorable regulatory environment for the crypto industry. Last week, BlackRock’s IBIT surpassed the traditional iShares Gold ETF (IAU) in net asset value. As a result, it has established itself as one of the main financial products in the sector.
The recent appreciation of these funds also reflects market optimism about pro-crypto policies, including pledges to support Bitcoin mining and the creation of a national reserve for the digital asset in the United States.
The price of Bitcoin fell 1.2% in the last 24 hours to US$89,926.12, at the time of writing this article. Still, data from CoinGecko shows that the largest cryptocurrency on the market has risen by more than 18% in the last week. BTC renewed its all-time high above $93,470 on November 13.
Goldman Sachs increases stake in Bitcoin ETFs to $710 million
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Goldman Sachs increases stake in Bitcoin ETFs to $710 million
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Goldman Sachs increases stake in Bitcoin ETFs to $710 million
