Goldman Sachs Discloses $710M Exposure to Bitcoin

Goldman Sachs has disclosed increased exposure to Bitcoin through the US exchange-traded funds, acquiring an impressive $710 million of the investment vehicle.

The leading investment banking firm disclosed the staggering exposure in a Thursday filing with the US Securities and Exchange Commission (SEC). The $710 million exposure made it one of the largest holders of the January-launched Bitcoin products, offering indirect exposure to the pioneering cryptocurrency.

Notably, Goldman Sachs increased its position on the US Bitcoin spot ETFs from the last quarter, indicating the firm’s warm disposition towards cryptocurrency. The investment bank disclosed it held $418.65 million worth of Bitcoin ETFs in Q2, growing its exposure by nearly 70% in the last quarter.

Goldman Sachs Diversify US Spot ETFs Exposure

The banking giant has a diversified portfolio, holding seven of the eleven US Bitcoin ETFs trading in the market. Furthermore, it increased its stash of most of its exposed funds considerably in the third quarter of the year.

For context, Goldman Sachs upped its exposure to the BlackRock iShares Bitcoin Trust (IBIT), buying 5.8 million shares in Q3. The funds now hold 12.77 million of IBIT ($461 million), with only Millennium Management’s $844 million trumping Goldman Sachs’ among public entities.

Goldman Sachs increased its stash of the Fidelity Wise Origin Bitcoin ETF (FBTC) by 13%, holding 1.72 million ($95.5 million) of the fund as of September 30. The investment bank also bought 110% more of its Grayscale Bitcoin Trust (GBTC) stash, cumulatively investing $71.8 million (1.42 million GBTC).

Furthermore, Goldman Sachs went down the ETF tree, diversifying into other funds. It increased its Bitwise Bitcoin ETF (BITB) by an impressive 156%, holding $22.5 million of the Bitcoin investment vehicle.

Notably, the firm also holds shares of the Ark 21 Shares Bitcoin ETF (ARKB), the WisdomeTree Bitcoin Fund (BTCW), and the Invesco Galaxy Bitcoin ETF (BTCO) worth a combined $59 million.

Surging Institutional Appetite Towards Bitcoin

Meanwhile, Goldman Sachs is one of the many institutions heavily invested in the Bitcoin spot ETFs. The Q3 financial reports show several large banks and pension funds have gained exposure to Bitcoin investment funds.

For instance, Morgan Stanley recorded holding $272 million in Bitcoin ETFs. Leading banks, such as HSBC and USB, also once reported $3.6 million and $300,000 in exposure to the products.

The ETF fever also reached State funds, as Michigan and Wisconsin disclosed exposure to Bitcoin spot funds. Notably, States like Florida and Arizona also contemplate exposure to the funds.