Goldman Sachs' Bold Move into Bitcoin ETFs
Goldman Sachs (GS) has made a significant investment in the cryptocurrency space, holding positions in seven out of the eleven Bitcoin ETFs available in the U.S. This revelation comes from a recently filed 13F report, indicating a shift in the bank's stance on digital assets.
Key Holdings
- The largest position is in the iShares Bitcoin Trust (IBIT) at $238.6 million.
- Following that is Fidelity's Bitcoin ETF (FBTC) with $79.5 million, and Invesco Galaxy's BTC ETF (BTCO) holding $56.1 million.
- Additionally, Goldman Sachs has smaller investments in Grayscale's GBTC, BITB, BTCW, and ARKB.
Market Activity
On a positive note, Bitcoin ETF flows continue to show strength with a daily inflow of $4.39 million recorded during U.S. trading hours on Tuesday, according to SoSoValue.
Insights from the Experts
During CoinDesk's Consensus 2024 festival, Mathew McDermott, Goldman Sachs' global head of digital assets, noted that the success of Bitcoin ETFs represents a "big psychological turning point" for the industry. He emphasized that institutions are beginning to recognize the potential of digital assets to transform financial systems for greater efficiency.
Interestingly, despite this major investment, Goldman Sachs previously expressed skepticism towards cryptocurrencies, with their Chief Investment Officer, Sharmin Mossavar-Rahmani, stating in April that they do not consider it a viable investment asset class and that the bank was "not believers in crypto."
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