Goldman Sachs Bitcoin ETF Stake Tops $710 Million, But There’s a Catch

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The spot Bitcoin Exchange-Traded Funds (ETFs) market continues to see increased adoption, with 13 new disclosures submitted recently. Prominent investment banking firm Goldman Sachs is among the latest investors expanding their Bitcoin portfolios. Goldman Sachs submitted a Form 13F to the U.S. Securities and Exchange Commission (SEC).

Goldman Sachs Boosting BTC ETF Holdings

The SEC filing for the quarter ending Sept. 30 revealed Goldman Sachs holds $710 million across various Bitcoin ETFs. The bank’s Bitcoin ETF expansion highlights the growing involvement of institutional investors in digital assets. It is fascinating for investors and market observers to see that Goldman Sachs’ Bitcoin holdings span several funds.

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Goldman Sachs’ greatest exposure lies in BlackRock’s iShares Bitcoin Trust (IBIT), which currently holds 12.7 million shares valued at $461 million. This represents an 83% increase from its previous filing in August for 6.9 million shares, valued at $281 million.

With this investment, Goldman Sachs now ranks as the second-largest holder of IBIT. The bank comes behind the hedge fund Millennium Management, which leads with $844 million in holdings.

The filing also shows that Goldman boosted its positions in other major Bitcoin ETFs. For instance, the bank increased its holdings in Fidelity’s Wise Origin Bitcoin ETF (FBTC) by 13% from its previous filing. As a result, Goldman now holds over 1.7 million shares in FBTC, valued at $95.5 million.

Similarly, it expanded its investment in Grayscale Bitcoin Trust (GBTC) by 116%, bringing its total holdings to more than 1.4 million shares worth $71.8 million. Goldman also increased its Bitwise Bitcoin ETF (BITB) holdings by 156% to 650,961 shares, valued at $22.5 million.

Soaring inflows into Spot BTC ETFs

The increase in Goldman’s Bitcoin ETF investments coincides with record inflows into spot Bitcoin ETFs. On Monday, Bitcoin ETFs surpassed $90 billion in total assets, inching closer to flipping gold ETFs. Last week, BlackRock’s IBIT recorded a huge milestone, outperforming its long-standing iShares Gold ETF (IAU) in net assets.