Goldman Sachs’ 13F filing Reveal $700 Million of Bitcoin ETF Holdings

Goldman Sachs, a leading investment bank, has significantly increased its holdings in Bitcoin exchange-traded funds (ETFs), as revealed in its latest 13F filing.

The filing demonstrates a substantial expansion of Goldman Sachs’ position in BlackRock’s iShares Bitcoin Trust (IBIT). The firm now holds 12.7 million shares valued at $461 million, representing an 83% increase from its previous position of approximately 6.9 million. The investment solidifies Goldman Sachs as the second-largest holder of IBIT, trailing only Millennium Management, which holds approximately $844 million in IBIT shares.

Goldman Sachs’ recent acquisition of IBIT shares surpasses even Capula Management’s holdings, which currently sit at approximately $253 million. This significant investment, coupled with the fact that Goldman Sachs was added by BlackRock as an authorized participant for its Bitcoin ETF.

Goldman Sachs $700 Million of Bitcoin ETF holdings

The investment bank’s portfolio diversification extends beyond IBIT. Notably, Goldman Sachs has also invested in several other spot Bitcoin ETFs, including:

Fidelity’s Wise Origin Bitcoin ETF (FBTC): Goldman Sachs owns over 1.7 million shares worth $95.5 million, demonstrating a 13% increase from its previous filing.
Grayscale’s Bitcoin Trust (GBTC): The firm holds over 1.4 million shares valued at $71.8 million, representing a 116% increase from its last filing.
Bitwise’s Bitcoin ETF (BITB): Goldman Sachs owns 650,961 shares worth $22.5 million, showcasing a 156% increase from its previous position.

Furthermore, Goldman Sachs’ portfolio encompasses stakes in funds managed by Invesco/Galaxy, WisdomTree, and Ark/21Shares, showcasing the firm’s diverse approach to Bitcoin ETF investment.

Goldman Sachs’ significant investment in Bitcoin ETFs signals a growing confidence in the cryptocurrency market from institutional investors. The firm’s strategic moves, particularly the expansion of its IBIT holdings, reflect a belief in the long-term potential of Bitcoin and its growing mainstream acceptance.

Previous Bitcoin Skeptic Stance

In the past, top Goldman Sachs executives have expressed skepticism about Bitcoin’s investment case. Sharmin Mossavar-Rahmani, the bank’s chief investment officer, has said that she and her firm don’t consider crypto an investment asset class. She has also called crypto speculative and said she doesn’t see value in unregulated markets.

In April, Goldman Sachs Wealth Management Group Chief Investment Officer Sharmin Mossavar-Rahmani expressed skepticism about crypto as an asset class in an interview with The Wall Street Journal.

More recently, Goldman Sachs CEO David Solomon told CNBC that Bitcoin could act as a store of value, similar to gold. He believes there may be value in the technology behind Bitcoin to improve financial systems. However, he differentiates this from speculating about Bitcoin’s future price, saying “that’s different in speculating whether Bitcoin is going to be $70,000, $30,000, or $120,000.”