Goldman Sachs Currently Manages $419M in Bitcoin ETFs
Goldman Sachs (GS) is among the banking giants with certain exposure for its clients in a diverse range of Bitcoin (BTC) exchange-traded funds (ETFs).
According to the quarterly report, the investment bank holds positions in 7 out of the 11 available BTC ETFs in the United States.
Goldman Sachs Discloses Bitcoin ETFs Investment
In its filing with the U.S. Securities and Exchange Commission, Goldman reported that it held approximately $419 million in Bitcoin ETFs as of June 30. Managers overseeing assets exceeding $100 million are required to file this form.
The filing revealed significant holdings, such as $238.6 million in the iShares Bitcoin Trust, representing 6,991,248 shares. Additionally, the bank has $79.5 million worth of the Fidelity Bitcoin ETF, totaling 1,516,302 shares, and $35.1 million in Grayscale BTC with 660,183 shares.
Other Goldman Sachs allocations include $299,900 in the ARK 21Shares Bitcoin ETF (5,000 shares), $56.1 million in the Invesco Galaxy Bitcoin ETF (940,443 shares), $8.3 million in the Bitwise Bitcoin ETF (253,961 shares), and $749,469 in the WisdomTree Bitcoin ETF (11,773 shares).
This report follows comments made by Goldman Sachs CEO David Solomon, who referred to Bitcoin as “speculative” but acknowledged its potential as a “store of value” similar to gold.
Major Banks Expand to Crypto Offerings
Goldman Sachs joins the ranks of major financial institutions like JP Morgan and Morgan Stanley that are offering digital asset exposure to its clients.
While Goldman Sachs CEO David Solomon, similar to JP Morgan’s Jamie Dimon, has historically been cautious about endorsing cryptocurrencies, these banking giants have nonetheless established substantial institutional exposure to the asset class.
Goldman Sachs recently announced plans to expand its crypto offerings by including three tokenization projects.
Meanwhile, JP Morgan has developed Onyx, a blockchain platform designed for the exchange of digital assets and information, signaling a significant acceleration in its crypto services. Additionally, Morgan Stanley has empowered its 15,000 investment advisors to offer Bitcoin ETFs to clients, according to an August report.
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