Goldman Sachs filing shows it holds more than $400M in Bitcoin ETFs

Major United States-based investment bank Goldman Sachs holds an array of Bitcoin (BTC) spot exchange-traded funds (ETFs) worth over $400 million.

According to a 13F-HR document filed on Aug. 13, Goldman Sachs owns seven out of the 11 Bitcoin spot ETFs listed on United States exchanges. The bank’s largest holding is in the iShares Bitcoin Trust (IBIT) — worth $238.6 million.

This is followed by $79.5 million worth of Fidelity’s Bitcoin ETF (FBTC), $56.1 million of Invesco Galaxy’s BTC ETF (BTCO) and $35.1 million in Grayscale’s GBTC. Lastly, the company also has minor stakes in Bitwise Bitcoin ETF (BITB), WisdomTree Bitcoin Fund (BTCW) and ARK 21Shares Bitcoin ETF (ARKB).

Sosovalue data indicates that Bitcoin ETFs reported positive inflows on Aug. 13, with $4.39 million worth of daily inflow recorded. Talking at the Consensus 2024 festival in Austin, Goldman Sachs’ global head of digital assets Mathew McDermott said that Bitcoin ETF approval in the United States constituted a “big psychological turning point” for the industry.

He claimed that “the bitcoin ETF obviously has been an astonishing success.”  Furthermore, McDermott explained that institutions like Goldman Sachs “actually see the potential in how it can transform where parts of the financial system can operate in a much more efficient way.”

This constitutes a significant change in the stance held by Goldman Sachs representatives. As ReadWrite reported back in April, the bank’s chief investment officer, Sharmin Mossavar-Rahmani, said at the time that the bank did not believe in cryptocurrencies.

Rahmani claimed at the time that cryptocurrencies cannot be assigned a value. Consequently, he maintained that concepts such as being bullish or bearish do not even apply to cryptocurrencies because he did consider them to be an investment asset class.

Still, change was already happening in the bank. At the time, Max Minton, Goldman’s Asia Pacific head of digital assets, noted in an interview that the still recent approval of ETFs has reignited interest and activity among the bank’s clients.

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