Goldman Sachs Held More Than $400M In Spot Bitcoin ETFs, Filing Shows
Goldman Sachs (GS), a traditional Wall Street firm considered a bitcoin skeptic, has disclosed a surprising investment in a recent regulatory filing—shares of spot bitcoin (BTCUSD) exchange-traded funds (ETFs).
Among other holdings, Goldman Sachs reported holding shares in seven out of 11 U.S.-based bitcoin ETFs, holding a total value of approximately $418.65 million in these assets as of June 30, according to a 13F filing made Tuesday.
It is unclear if these holdings were accumulated at the direction of private clients. Attempts to reach Goldman Sachs for comment were unsuccessful.
The largest spot bitcoin ETF position in the Goldman Sachs filing was nearly 7 million shares in BlackRock's iShares Bitcoin Trust (IBIT), valued at $238.6 million. About 1.5 million shares of Fidelity's Wise Origin Bitcoin ETF (FBTC) and roughly 940,000 shares of Invesco Galaxy Bitcoin ETF (BTCO) round out the top three bitcoin ETF investment disclosures by the investment bank.
The company also held shares of Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF (BITB), WisdomTree Bitcoin Fund (BTCW), and Ark 21Shares Bitcoin ETF.
To be sure, 13F filings should be read with some caution. They only show holdings and their value as of the reporting date, June 30 in this case, and offer no indication of any transactions made since. They also don't disclose any short positions, which may not provide the complete picture about an institutional manager's overall investment strategy.
This filing comes a few days after Morgan Stanley (MS) made headlines for allowing its advisors to pitch bitcoin ETF investments to clients on an unsolicited basis. That was a big move for a traditional wirehouse that typically had shied away from openly offering
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