Goldman Sachs reveals that it holds about $418.65 million in spot Bitcoin ETFs, including nearly 7 million shares of the Blackrock iShares Bitcoin Trust (IBIT).
In a recent SEC filing, leading investment banking giant Goldman Sachs disclosed substantial positions in several Bitcoin exchange-traded funds (ETFs), signaling the firm’s continued interest in the crypto sector.
This revelation comes at a time when the overall activity in 13-F Bitcoin ETF filings has been relatively quiet compared to the first quarter of the year, making Goldman Sachs’ disclosure particularly noteworthy.
Bitcoin ETF Positions
According to the SEC filing, as first reported by Colin Wu, Goldman Sachs held a $418.65 million position in U.S. spot Bitcoin ETFs as of June 30.
The financial services giant disclosed significant investments across several major Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT). The bank owns nearly 7 million shares of the IBIT fund, valued at approximately $238.6 million, making it the third-largest holder of this ETF.
The latest filing shows that as of June 30, Goldman Sachs held 6,991,248 shares of iShares Bitcoin Trust ($239 million), 1,516,302 shares of Fidelity Wise Origin Bitcoin ($79.55 million), 940,443 shares of Invesco Galaxy Bitcoin ETF ($56.19 million), 660,183 shares of Grayscale…
— Wu Blockchain (@WuBlockchain) August 14, 2024
Further details of the filing reveal Goldman Sachs’ diversified approach to Bitcoin ETFs. In addition to the iShares Bitcoin Trust, the firm held $79.5 million in the Fidelity Wise Origin Bitcoin Fund, $35.1 million in the Grayscale Bitcoin Trust, and $56.1 million in the Invesco Galaxy Bitcoin ETF.
Additionally, Goldman Sachs reported positions worth $8.3 million in the Bitwise Bitcoin ETF, $749,469 in the WisdomTree Bitcoin Fund, and $299,900 in the ARK 21Shares Bitcoin ETF.
Bitcoin ETFs Outpace All Other
Notably, the filing was made public on the same day that Nate Geraci, President of ETFStore, highlighted the dominance of Bitcoin ETFs in 2024. Geraci noted that the iShares Bitcoin ETF alone has attracted approximately $20.5 billion this year, significantly outpacing all other ETF launches in 2024.
iShares Bitcoin ETF has taken in approx $20.5bil this yr…
Out of *all* 375 new ETF launches in 2024, next closest non-spot btc ETF = $1.3bil.
Numbers are comical at this point.
Spot btc ETFs (IBIT, FBTC, ARKB, BITB) = top 4 launches of 2024.
Global X Russell 2000 ETF = 5th.
— Nate Geraci (@NateGeraci) August 14, 2024
His comments emphasized the growing interest in Bitcoin ETFs, which have secured five of the top six ETF launches this year.
Bitcoin’s Future as a Store of Value
In parallel with these developments, Goldman Sachs CEO David Solomon recently addressed the potential role of Bitcoin as a store of value. During an interview with CNBC, Solomon acknowledged the possibility that Bitcoin could develop into a store of value akin to gold.
While he maintained that Bitcoin remains a speculative investment, he expressed admiration for the technology underpinning cryptocurrencies, citing its potential to reduce friction within the financial system. However, Solomon refrained from making predictions about Bitcoin’s future price movements, focusing instead on its technological promise.
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