Goldman Sachs Increases Bitcoin ETF Exposure by 83% to Now Hold $710 Million
2024-11-16

Wall Street giant Goldman Sachs has revealed in a new filing with the U.S .Securities and Exchange Commission that it significantly increased its exposure to spot Bitcoin exchange-traded funds (ETFs).
In a new 13F filing, the Wall Street titan revealed it holds $710 million worth of various spot Bitcoin ETFs, including 12.7 million shares in BlackRock’s iShares Bitcoin Trust (IBIT), valued at around $461 million.
The figure represents a substantial 83% increase from the previous quarter. When it held 6.9 million shares in the fund, valued at $281 million. Goldman now ranks as the second-largest holder of IBIT, trailing only hedge fund Millennium Management, whose IBIT holdings hover around $844 million.
Beyond BlackRock’s ETF, Goldman has also expanded its holdings in other prominent Bitcoin funds, increasing its stake in Fidelity’s Wise Origin Bitcoin ETF (FBTC) by 13%, in the Grayscale Bitcoin Trust (GBTC) by 116%, and in the Bitwise Bitcoin ETF (BITB) by 156%.
The bank’s FBTC holdings are now of around $95.5 million, above its Grayscale Bitcoin Trust holdings of $71.8 million. It holds $59.7 million of the Invesco Galaxy Bitcoin ETF, and $22.5 million of Bitwise’s ETF. Minor holdings including $3.1 million in Ark 21Shares’ Bitcoin ETF, as well as $791,000 in the ETF offered by WisdomTree.
The bank’s added exposure is being revealed at a time in which the cryptocurrency market entered a significant rally that helped the price of the flagship cryptocurrency Bitcoin hit a new $93,000 all-time high before seeing a slight correction.
Bitcoin is at the time of writing trading at $89,900 as it tests the $90,000 resistance level. Over the past week, the cryptocurrency saw an 18% price rise, significantly outperforming most other digital assets, to the point its dominance is now at 59.93%.
Featured image via Unsplash.