Goldman Sachs Owns Over $400 Million in Bitcoin ETFs
Date: 2024-08-14 Author: Gabriel Deangelo Categories: BUSINESS
Investment bank Goldman Sachs has disclosed significant investments in Bitcoin ETFs, totaling over $400 million, according to a recent 13F report.
Goldman Sachs has long been skeptical of cryptocurrencies, saying it does not consider them an investment asset. However, according to its latest quarterly 13F report, the bank now owns stakes in seven of the eleven available Bitcoin ETFs in the U.S.
Goldman Sachs' largest positions are in the $238.6 million iShares Bitcoin Trust (IBIT), $79.5 million Fidelity Bitcoin ETF (FBTC), and $56.1 million Invesco Galaxy Bitcoin ETF (BTCO). The bank also holds smaller stakes in BITB, BTCW, and ARKB.
Flow into Bitcoin ETFs remains positive, with a $4.39 million daily gain during Tuesday's trading session, according to SoSoValue.
At CoinDesk's Consensus 2024 conference in Austin, Goldman Sachs' head of digital assets Matthew McDermott noted that Bitcoin ETFs have been a "massive psychological inflection point" for the industry. He emphasized that Bitcoin ETFs have shown impressive success and that digital assets can play a key role in making the financial system more efficient.
The bank has previously expressed distrust of cryptocurrencies, saying that clients have shown little interest in them. In April, Sharmeen Mossavar-Rahmani, chief investment officer of Goldman Sachs' Wealth Management unit, told the Wall Street Journal: "We don't think of cryptocurrencies as an investment asset class and we don't believe in them." However, the bank's current investments suggest otherwise. A $400 million+ investment in a Bitcoin ETF shows that the bank has reconsidered its views on digital assets and sees their potential to transform financial markets.
