Goldman Sachs Expands Bitcoin ETF Holdings Significantly

According to Decrypt, Goldman Sachs has notably increased its Bitcoin ETF holdings, as detailed in its recent 13F filing with the U.S. Securities and Exchange Commission (SEC). The financial institution now holds $710 million in various Bitcoin exchange-traded funds (ETFs) for the quarter ending September 30. This filing is a requirement for institutional investment managers with assets exceeding $100 million. Goldman's largest investment is in BlackRock’s iShares Bitcoin Trust (IBIT), where it holds 12.7 million shares valued at $461 million. This marks an 83% increase from its previous filing in August, where it held 6.9 million shares worth $281 million. With this substantial increase, Goldman Sachs becomes the second-largest holder of IBIT, following Millennium Management, which leads with $844 million in holdings. The filing also reveals that Goldman has increased its positions in other significant Bitcoin ETFs. The bank now possesses over 1.7 million shares in Fidelity’s Wise Origin Bitcoin ETF (FBTC), valued at $95.5 million, reflecting a 13% rise. Additionally, it has boosted its stake in the Grayscale Bitcoin Trust (GBTC) by 116%, bringing its holdings to over 1.4 million shares valued at $71.8 million. Furthermore, Goldman has increased its holdings in the Bitwise Bitcoin ETF (BITB) by 156%, totaling 650,961 shares worth $22.5 million. Smaller stakes in Invesco Galaxy, WisdomTree, and ARK 21Shares Bitcoin ETFs were also reported. This surge in Goldman’s Bitcoin ETF investments occurs amid record inflows into spot Bitcoin ETFs. Recently, BlackRock’s IBIT surpassed its long-established iShares Gold ETF (IAU) in net assets, a significant achievement considering IBIT was launched only in January. The market rally is attributed to expectations of a pro-crypto regulatory environment under the Trump administration, with promises to support crypto mining and establish a Bitcoin reserve.