Key Takeaways
- Goldman Sachs now holds $718M in Bitcoin ETFs, up 71% since Q2.
- Largest holding is $461M in BlackRock's iShares Bitcoin Trust ETF.
- The bank was previously critical of Bitcoin as an investment asset.
Goldman Sachs, a global investment giant, has significantly increased its holdings in Bitcoin exchange-traded funds (ETFs), despite its previously critical stance on Bitcoin.
Goldman’s Bitcoin holdings
According to a Nov. 14 filing with the U.S. Securities and Exchange Commission (SEC), Goldman Sachs reported $718 million in Bitcoin ETF holdings across eight funds.
The bank added $300 million since the second quarter of 2024, marking a 71% growth in its portfolio.
Largest holdings
Goldman’s largest investment, worth $461 million, is in BlackRock’s iShares Bitcoin Trust ETF (IBIT).
Other holdings include $96 million in Fidelity’s Wise Origin Bitcoin Fund, $72 million in the Grayscale Bitcoin Trust ETF, and $60 million in the Invesco Galaxy Bitcoin ETF.
Smaller holdings
Smaller positions include $22.5 million in Bitwise’s Bitcoin ETF, $3 million in the ARK 21Shares Bitcoin ETF, and $800,000 in the WisdomTree Bitcoin Fund.
Goldman’s shift
This represents a significant shift for Goldman Sachs, which initially entered the Bitcoin ETF market in Q2 2024 with $418 million in purchases.
The bank had been a vocal critic of Bitcoin in the past, describing it as “not an asset class” in 2020. Even as late as April 2024, Goldman’s Private Wealth Management CIO, Sharmin Mossavar-Rahmani, dismissed Bitcoin enthusiasm as akin to tulip mania.
Despite this skepticism, Goldman Sachs now holds one of the largest Bitcoin ETF portfolios among major financial institutions, signaling a noteworthy evolution in its investment strategy.
