Goldman Sachs currently manages $419 million in Bitcoin ETFs

Goldman Sachs (GS) is among the banking giants with some exposure for its clients in a wide range of Bitcoin (BTC) exchange-traded funds (ETFs).

According to the quarterly report, the investment bank holds positions in 7 of the 11 BTC ETFs available in the United States.

Goldman Sachs Unveils Bitcoin ETF Investment

In its filing with the US Securities and Exchange Commission, Goldman reported that it held approximately $419 million in Bitcoin ETFs as of June 30. Managers overseeing assets in excess of $100 million must file this form.

The filing revealed significant holdings, including $238.6 million in the iShares Bitcoin Trust, representing 6,991,248 shares. In addition, the bank holds $79.5 million worth of Fidelity Bitcoin ETF, with a total of 1,516,302 shares, and $35.1 million worth of BTC grayscale with 660,183 shares.

Other Goldman Sachs allocations include $299,900 to the ARK 21Shares Bitcoin ETF (5,000 shares), $56.1 million to the Invesco Galaxy Bitcoin ETF (940,443 shares), $8.3 million to the Bitwise Bitcoin ETF (253,961 shares) and $749 in the Bitcoin ETF, 4Q6re 11,773 shares).

This report follows comments from Goldman Sachs CEO David Solomon, who referred to Bitcoin as “speculative” but acknowledged its potential as a “store of value” similar to gold.

Major banks expand into crypto offerings

Goldman Sachs joins the ranks of major financial institutions such as JP Morgan and Morgan Stanley offering digital asset exposure to their clients.

While Goldman Sachs CEO David Solomon, akin to JP Morgan’s Jamie Dimon, has historically been wary of endorsing cryptocurrencies, these banking giants have established substantial institutional exposure to the asset class.

Goldman Sachs recently announced plans to expand its crypto offerings by including three tokenization projects.

Meanwhile, JP Morgan has developed Onyx, a blockchain platform designed for the exchange of digital assets and information, signaling a significant acceleration of its crypto services. In addition, Morgan Stanley has equipped its 15,000 investment advisers to offer Bitcoin ETFs to clients, according to an August report.

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