As a seasoned investor with a knack for spotting trends and a keen interest in digital assets, the recent move by Goldman Sachs into Bitcoin ETFs has piqued my curiosity. While I was initially skeptical about their stance on crypto, seeing them pour over $700 million into various ETFs is a clear indication that the tide has turned.
According to a recent filing with the Securities and Exchange Commission, global financial powerhouse Goldman Sachs is reportedly invested in about 8 Bitcoin ETFs, with a total value of around $718 million.
Based on Goldman Sachs’ filing with the U.S. Securities and Exchange Commission on November 14 (referred to as their 13F report), it appears that the investment bank owns approximately 12.7 million shares valued over $461 million in BlackRock’s iShares Bitcoin Trust.
Beyond this, Goldman Sachs has control over approximately 1,700,000 shares in the Fidelity Wise Origin Bitcoin ETF, valued at about $95.5 million. Additionally, it possesses around 1,400,000 shares in the Grayscale Bitcoin Trust ETF, with a market worth of approximately $72 million. Furthermore, its holdings include nearly 940,443 shares in the Invesco Galaxy Bitcoin ETF, which is close to $60 million in value.
To add to that, Goldman Sachs holds approximately:
In addition to its Bitcoin ETF holdings, Goldman Sachs has additionally invested a sum of $22 million in Ethereum ETFs, another $22.6 million in the Grayscale Ethereum Trust ETF, and an additional $2.6 million in the Fidelity Ethereum Investment Fund.
Goldman Sachs has increased its Bitcoin ETF holdings by $300 million since their second quarter filing with the bank in August 2024. At that time, they owned approximately 7 million shares, which were valued at over $238 million including investments in BlackRock’s iShares Bitcoin Trust and other related ETFs.
Previously, Goldman Sachs had a reputation for being wary of cryptocurrency investments. In fact, its Chief Investment Officer, Sharmin Mossavar-Rahmani, has expressed that she does not consider cryptocurrencies as an investment asset class. To put it another way, Goldman Sachs does not hold the belief in the value of cryptocurrencies.
I’ve noticed a shift in perspective at our bank regarding digital asset investment. The emergence of crypto Exchange Traded Funds (ETFs) on the market has certainly warmed us up to this idea. Moreover, Goldman Sachs has shown a willingness to delve deeper into crypto-related ventures.
In July’s latest news, Goldman Sachs disclosed plans to initiate three tokenization ventures by year-end, aiming to broaden their business scope towards digital assets.
Starting in June 2021, Goldman Sachs started participating in fundraising events for blockchain infrastructure service provider Blockdaemon. This investment company further backed the initiative during its Series B funding round, which garnered approximately $155 million.
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2024-11-15 17:06