Goldman Sachs Reveals Major Bitcoin Position of $710M via ETF

Wall Street giant Goldman Sachs, once lukewarm on crypto, has surprised the financial world with its new commitment to Bitcoin after revealing an impressive $710 million in BTC holdings across various exchange-traded funds.

The substantial position reflects a significant increase in the banking firm’s exposure to cryptocurrency, which could be key to its continued adoption in the traditional financial space.

Breakdown of Goldman Sachs BTC ETF Investments

In an earlier August disclosure, Goldman’s BTC-related ETF holdings were notably smaller, with about $252 million in BlackRock’s IBIT fund and $33.2 million in Grayscale’s GBTC being the two largest great

However, the company’s latest filing, filed on November 14, shows a dramatic increase. His IBIT holding has grown 83% to $461 million, while his GBTC position has increased 116% to $71.8 million.

Other investments include $95.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) and $22.5 million in Bitwise’s BITB, representing a 13% and 156% increase in holdings respectively.

On the other hand, the bank’s allocation of 940,443 shares to BTCO, a joint domestic Bitcoin ETF between Galaxy Digital and Invesco, remains the same as in August. That stash is worth $59.7 million, bringing the value of the institution’s entire crypto holdings to around $710 million.

The revelation comes at a time when the US regulatory landscape is easing, especially with the election of pro-crypto Donald Trump to the presidency. Additionally, Congress now has over 260 lawmakers with a crypto-friendly stance.

With ETFs providing a safer vehicle for institutional crypto investments, analysts believe they could lead to wider adoption as more major players begin to explore opportunities in the industry.

Renewed interest amid growing institutional adoption

Goldman’s latest 13F filing represents a sea change from its previous stance on digital assets. In the past, several of the bank’s top executives have expressed varying degrees of skepticism about the asset class.

For example, in April, Sharmin Mossavar-Rahmani, the firm’s chief investment officer for wealth management, dismissed Bitcoin as a volatile asset that was not suitable for long-term investments. Lately, however, the company has taken a more open approach, with CEO David Solomon admitting that BTC could serve as a potential store of value.

These holdings are not isolated developments. A prominent endowment manager, the Teachers Insurance and Annuity Association of America (TIAA), also previously known for its conservative approach, similarly disclosed a modest $51,921 position in FBTC. Although relatively small, the allocation indicates a growing acceptance of crypto, especially Bitcoin, within traditionally risk-averse segments.

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