In a surprising move, leading global investment bank Goldman Sachs has invested millions of dollars in the US spot Bitcoin ETFs. According to a recent SEC filing, the company purchased over $400 million in spot Bitcoin ETFs.
Until now, Goldman Sachs has been skeptical about Bitcoin, but its recent move surprised the crypto community.
Breaking Down Goldman’s Bitcoin ETF Holdings
According to a 13F filing, Goldman Sachs holds shares in seven different Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust.
The firm acquired nearly 7 million IBIT shares worth about $238.6 million, 1.5 million of Fidelity’s Wise Origin Bitcoin ETF shares, and 940,000 Invesco Galaxy Bitcoin ETF shares.
In addition, Goldman invested in ETFs from Grayscale, Bitwise, WisdomTree, and Ark 21Shares for a total value of $418.65 million.
However, the 13F filings don’t show short positions, suggesting we might not fully understand Goldman’s investment strategy.
This news came shortly after another big bank, Morgan Stanley, announced that its advisors would start suggesting Bitcoin ETFs to clients. However, clients must ask about these investments first.
Goldman’s Changing Stance on Bitcoin
Given its past views, Goldman’s significant investment in Bitcoin ETFs is surprising. Many top bank executives have been wary of Bitcoin.
In April 2024, a high-ranking Goldman official, Sharmin Mossavar-Rahmani, who leads investment strategy for wealthy clients, expressed doubt about crypto as an investment.
“We do not think it is an investment asset class; we’re not believers in crypto,” said Sharmin.
Sharmin didn’t see any value in crypto assets because it’s hard to determine their worth.
She said, “If you can’t decide its value, how can you feel confident that it will go up or down?”
Furthermore, the Goldman executive criticized the crypto industry for being hypocritical. She said that despite crypto supporters wanting fair finance, a few influential people control vital decisions.
Goldman’s CEO, David Solomon, made a surprising remark in an interview with CNBC TV. During the interview, Solomon said Bitcoin might store value like gold. He also thinks the technology behind Bitcoin could improve financial systems.
The CEO even described Blockchain technology as “super interesting,” highlighting its potential to make the financial system more efficient by reducing obstacles.
However, he’s not sure about predicting Bitcoin’s price. Solomon’s view shows a mix of caution and interest. He sees potential in the technology but isn’t ready to guess future prices.
This view might explain Goldman’s significant investment in BTC ETFs. As more banks invest in crypto, it could become a standard part of investment portfolios.
Meanwhile, Bitcoin has slipped off the recently claimed $61,000 threshold and is now trading below $60,000.
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