Goldman Sachs Discloses $418M Bitcoin ETF Holdings, Including 7M IBIT Shares

In a recent SEC filing, Goldman Sachs revealed its substantial investments in spot Bitcoin ETFs, totaling to approximately $418.65 million. 

The firm owns 7 million shares of the Blackrock iShares Bitcoin Trust (IBIT), which demonstrates its continuing interest in the cryptocurrency industry even though 13F Bitcoin etf has been less active this year.

Breakdown of Holdings

According to the filing, as of June 30, this company reported having such a strong position in the U. S. spot Bitcoin ETFs. Apart from the iShares Bitcoin Trust, the financial titan has $79.5 million invested in the Fidelity Wise Origin Bitcoin Fund, $35.1 million in the Grayscale Bitcoin Trust, and $56.1 million in the Invesco Galaxy Bitcoin ETF. Additional positions include $8.3 million in the Bitwise Bitcoin ETF, approximately $749,469 in the WisdomTree Bitcoin Fund, and $299,900 in the ARK 21Shares Bitcoin ETF.

Growing Demand for Bitcoin ETFs

The disclosure comes as discussions around Bitcoin ETFs gain momentum, particularly as Nate Geraci, President of ETFStore, pointed out the significant demand for Bitcoin ETFs in 2024. He mentioned that the iShares Bitcoin ETF has attracted around $20.5 billion this year alone, dwarfing all other ETF launches for 2024, with Bitcoin ETFs taking five of the six top launch spots.

In tandem with these developments, Goldman Sachs CEO David Solomon recently spoke about Bitcoin’s potential as a store of value. In an interview with CNBC, he noted that while Bitcoin is still largely viewed as a speculative asset, there is potential for it to evolve into a digital equivalent of gold. Solomon praised the underlying technology of cryptocurrencies and its ability to streamline the financial system, although he refrained from speculation on Bitcoin’s price trajectory.

Position Among Other Major Investors

Goldman Sachs currently holds $238 million in shares of BlackRock’s IBIT as of the end of June, as stated in their latest 13F filing with the U.S. Securities and Exchange Commission (SEC). This investment amounts to 6.9 million shares. The bank emerged as an authorized participant for IBIT in March after engaging in talks to fulfill this role earlier this year. As a result, Goldman Sachs ranks as the third largest holder of IBIT, behind Millennium Management and Capula Management, which have $844 million and $253 million in shares, respectively.

In addition to its investment in IBIT, Goldman Sachs has also accumulated around 1.5 million shares of Fidelity’s Bitcoin fund, valued at $79.5 million, and over 660,000 shares of Grayscale’s Bitcoin ETF, worth around $35 million.

Goldman Sachs’ investment portfolio includes more than $56 million in the Invesco/Galaxy Bitcoin ETF, as well as positions in other funds such as Bitwise, WisdomTree, and ARK/21Shares. Mathew McDermott, the bank’s global head of digital assets, views the January approval of spot Bitcoin ETFs as a significant psychological milestone, which could enhance liquidity and attract a wider array of institutional investors, including pension funds and insurance companies, to the crypto market.