Goldman Sachs has disclosed new positions in several Bitcoin-related exchange-traded funds, revealing, for the first time, just how much the banking giant has invested into such products on behalf of clients.
The disclosure came via the bank’s latest 13F filing for the quarter ending June 30, released after markets closed on Tuesday.
The financial services giant reported new holdings in BlackRock’s iShares Bitcoin Trust valued at $238.6 million, representing 6,991,248 shares, per the filing.
Goldman’s Bitcoin position reflects a broader trend within the financial industry, where initial skepticism has gradually given way to cautious acceptance and integration of digital assets into mainstream financial products.
Other notable positions from the bank include $79.5 million in the Fidelity Bitcoin ETF, $35.1 million in the Grayscale Bitcoin Trust, and $56.1 million in the Invesco Galaxy Bitcoin ETF.
Smaller positions were also disclosed in the Bitwise Bitcoin ETF at $8.3 million, WisdomTree Bitcoin ETF at $749,469, and ARK 21Shares Bitcoin ETF at $299,900.
It comes as the institutional adoption of Bitcoin ETFs has seen explosive growth in 2024.
According to Nate Geraci, President of the ETF Store, the iShares Bitcoin ETF has attracted approximately $20.5 billion in cumulative net inflows this year alone, dwarfing the next closest non-spot Bitcoin ETF launch, which garnered just $1.3 billion.
Among the 375 new ETFs launched in 2024, the next closest non-spot Bitcoin ETF has only attracted $1.3 billion in inflows, Geraci tweeted on Tuesday.
“Numbers are comical at this point,” Geraci said.
The top four ETF launches of 2024 include iShares Bitcoin ETF, Fidelity Bitcoin ETF, ARK 21Shares Bitcoin ETF, and Bitwise Bitcoin ETF, according to data from SoSoValue.
Interestingly, the newly launched Bitcoin ETFs are poised to collectively surpass the holdings of the cryptocurrency’s enigmatic founder, Satoshi Nakamoto, Decryptreported Monday.
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In conclusion, the increasing involvement of traditional financial institutions like Goldman Sachs in Bitcoin-related exchange-traded funds signifies a shift towards mainstream acceptance of digital assets. With significant investments in various Bitcoin ETFs, these institutions are recognizing the long-term potential of cryptocurrencies as part of their portfolios. As the adoption of Bitcoin ETFs continues to surge in 2024, it is evident that the financial landscape is evolving to incorporate blockchain technology and decentralized finance.
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