YEREVAN (CoinChapter.com) — Goldman Sachs (GS) has invested heavily in Bitcoin ETFs, as revealed in a recent 13F filing. The investment bank disclosed that it holds positions in seven out of the 11 Bitcoin ETFs available in the U.S. Its largest holding is the iShares Bitcoin Trust (IBIT), valued at $238.6 million. The bank also has $79.5 million in Fidelity’s Bitcoin ETF (FBTC), $56.1 million in Invesco Galaxy’s Bitcoin ETF (BTCO), and $35.1 million in Grayscale’s GBTC. Additionally, it holds smaller positions in BITB, BTCW, and ARKB.
This significant investment marks a shift from Goldman Sachs’ previous stance on cryptocurrency. The bank, known for its cautious approach to digital assets, now holds over $400 million in Bitcoin ETFs.
GS Shifts Stance with Major Bitcoin ETF Investments
Earlier this year, Sharmin Mossavar-Rahmani, the Chief Investment Officer of GS’ Wealth Management unit, stated that the bank’s clients were not interested in crypto. In an interview with the Wall Street Journal, she said,
“We do not think it is an investment asset class.”
Despite these comments, Goldman Sachs’ recent 13F filing shows substantial investments in Bitcoin ETFs, indicating a change in approach.
The bank’s largest investment is in the iShares Bitcoin Trust, followed by substantial holdings in Fidelity, Invesco Galaxy, and Grayscale Bitcoin ETFs. This move reflects a new direction for Goldman Sachs, which had previously been skeptical of the crypto market.
GS Backs BTC ETFs Amid Strong Inflows
The timing of Goldman Sachs’ investment comes as Bitcoin ETFs see strong inflows. On Tuesday, BTC ETF flows were in the green, with $4.39 million in daily inflows, according to SoSoValue. This activity coincides with Goldman Sachs’ significant positions in Bitcoin ETFs.
Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, spoke about the importance of Bitcoin ETFs during CoinDesk’s Consensus 2024 festival in Austin. He called Bitcoin ETFs a “big psychological turning point” for the industry. McDermott emphasized the success of Bitcoin ETFs and their impact on the financial system.
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