Goldman Sachs Holds Over $400M in Bitcoin ETFs

Goldman Sachs has positions in seven of the 11 Bitcoin ETFs.

The bank has previously said, “We don’t believe in crypto.”

Goldman Sachs (GS) holds positions in various Bitcoin {{BTC}} exchange-traded funds (ETFs), according to its 13F filing.

The investment bank disclosed in its quarterly 13-F report that it holds positions in seven out of 11 U.S. BTC ETFs

Its largest holdings are iShares Bitcoin Trust (IBIT) with $238.6 million, followed by Fidelity’s Bitcoin ETF (FBTC) with $79.5 million, followed by Invesco Galaxy’s BTC ETF (BTCO) with $56.1 million, and Grayscale’s GBTC with $35.1 million. It also has smaller positions in BITB, BTCW, and ARKB.

BTC ETF flows continued in the green on the US Tuesday trading day, with daily inflows of $4.39 million recorded, according to SoSoValue.

Speaking at CoinDesk’s Consensus 2024 festival in Austin, the bank’s global head of digital assets, Mathew McDermott, said BTC ETFs are a “major psychological turning point” for the industry.

“The Bitcoin ETF was clearly an astonishing success,” McDermott said on stage. Goldman Sachs’ digital asset desk is primarily focused on digitizing assets.

“Institutions like ours are really seeing the potential of how parts of the financial system can be transformed in a much more efficient way,” he said during Consensus.

Goldman Sachs has previously said that its clients are not interested in cryptocurrencies.

“We don’t think of it as an investment asset class,” Sharmin Mossavar-Rahmani, chief investment officer of the bank’s Asset Management unit, told the Wall Street Journal in April. “We don’t believe in crypto.”