Goldman Sachs, a traditional Wall Street firm known for its skepticism towards cryptocurrencies, has made a significant investment in spot bitcoin exchange-traded funds (ETFs). According to an SEC filing dated June 30, Goldman Sachs held $418.65 million in these assets, with the majority of these holdings in the shares of BlackRock’s IBIT fund.
Among the various bitcoin ETFs, Goldman Sachs reported holding shares in seven out of 11 U.S.-based bitcoin ETFs. The largest position was nearly 7 million shares in BlackRock’s iShares Bitcoin Trust (IBIT), valued at $238.6 million. Other significant investments include 1.5 million shares of Fidelity’s Wise Origin Bitcoin ETF (FBTC) and approximately 940,000 shares of Invesco Galaxy Bitcoin ETF (BTCO).
Goldman Sachs also held shares in Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF (BITB), WisdomTree Bitcoin Fund (BTCW), and Ark 21Shares Bitcoin ETF. It’s important to note that 13F filings only provide a snapshot of holdings as of the reporting date and do not include any transactions made after that date or disclose short positions.
Despite past skepticism from top executives, this filing follows Morgan Stanley’s recent move to allow its advisors to pitch bitcoin ETF investments to clients. Goldman Sachs Wealth Management Group Chief Investment Officer Sharmin Mossavar-Rahmani and CEO David Solomon have both expressed reservations about investing in bitcoin, with Solomon acknowledging the potential value in the technology behind it but cautioning against speculation on its price.
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