Goldman Sachs Reveals More Than $400 Million in Bitcoin ETF Holdings
08/15/2024 02:32Goldman Sachs has emerged as a big holder of Bitcoin ETFs, according to a new 13F filing with the SEC
Goldman Sachs just went from Bitcoin skeptic to Bitcoin holder in just a few months.
A new 13F filing with the SEC revealed Tuesday that the investment giant holds more than $400 million in Bitcoin ETFs as of June 30.
The roughly $418 million in Bitcoin ETF holdings were scattered across a field of various ETF issuers, including BlackRock, Grayscale, Fidelity, and Bitwise.
The fact that Goldman has now ventured into the world of crypto is somewhat surprising, given what Goldman Sachs' Head of Wealth Management said about crypto just a few months ago. In an interview with the Wall Street Journal in April, Goldman's Sharmin Mossavar-Rahmani said not only was the firm not interested in crypto, but their wealth clients weren't either.
“We do not think it is an investment asset class,” she told The Journal at the time. “We’re not believers in crypto.”
But since then, not only has Goldman apparently been scooping up Bitcoin ETFs, the Wall Street giant has also been sharing plans to lean into three different tokenized asset projects. According to Fortune, Goldman is laying the groundwork for a tokenized European debt fund, a project targeting U.S. funds and another yet-to-be-announced sector.
NEW: Goldman Sachs reveals new Bitcoin holdings in SEC Filing
As of June 30, Goldman held:
$239 M - iShares Bitcoin Trust
$79.55 M - Fidelity Wise Origin Bitcoin
$56.19 M - Invesco Galaxy Bitcoin ETF
$35.15 M - Grayscale Bitcoin Trust
$8.3M - Bitwise Bitcoin ETF
+ more pic.twitter.com/yaFkr3uoLu— Coinage (@coinage_media) August 14, 2024
Overall, Goldman's pivot marks just the latest in a long line of Wall Street power players who have changed their minds on Bitcoin. BlackRock's Larry Fink famously called Bitcoin an "index for money laundering" years ago. Former President Donald Trump also once called it a "scam."
Now, according to FinTell data, Goldman is the third-largest holder of BlackRock's Bitcoin ETF.