TLDR
- Goldman Sachs disclosed $418 million in Bitcoin ETF holdings in its Q2 filing
- The largest position is $238.6 million in BlackRock’s iShares Bitcoin Trust
- Goldman also holds positions in six other Bitcoin ETFs
- Institutional adoption of Bitcoin ETFs has grown rapidly in 2024
- Bitcoin’s price recently surged past $61,000
Goldman Sachs has disclosed significant investments in Bitcoin exchange-traded funds (ETFs) according to its recent quarterly filing.
The banking giant reported holdings valued at $418 million spread across seven different Bitcoin ETFs as of June 30, 2024.
The largest position in Goldman’s portfolio is in BlackRock’s iShares Bitcoin Trust (IBIT), with 6,991,248 shares worth $238.6 million.
This is followed by investments in the Fidelity Bitcoin ETF at $79.5 million and the Invesco Galaxy Bitcoin ETF at $56.1 million.
Other notable positions include $35.1 million in the Grayscale Bitcoin Trust, $8.3 million in the Bitwise Bitcoin ETF, $749,469 in the WisdomTree Bitcoin ETF, and $299,900 in the ARK 21Shares Bitcoin ETF.
After the market closed today, Goldman Sachs filed a 13F disclosing the following positions as of June 30:
$238.6 million iShares Bitcoin Trust (6,991,248 shares)
$79.5 million Fidelity Bitcoin ETF (1,516,302 shares)
$35.1 million Grayscale BTC (660,183 shares)
$56.1 million…— MacroScope (@MacroScope17) August 13, 2024
This disclosure marks the first time Goldman Sachs has revealed the extent of its involvement in Bitcoin-related products on behalf of its clients. The move reflects a growing trend in the financial industry, where major institutions are increasingly embracing digital assets.
The adoption of Bitcoin ETFs has seen rapid growth in 2024. BlackRock’s iShares Bitcoin ETF has been particularly successful, attracting approximately $20.5 billion in cumulative net inflows this year alone. This figure far surpasses the next closest non-spot Bitcoin ETF launch, which gathered $1.3 billion.
Nate Geraci, President of the ETF Store, commented on the scale of these inflows, describing the numbers as “comical at this point.” The top four ETF launches of 2024 are all Bitcoin-related: iShares Bitcoin ETF, Fidelity Bitcoin ETF, ARK 21Shares Bitcoin ETF, and Bitwise Bitcoin ETF.
iShares Bitcoin ETF has taken in approx $20.5bil this yr…
Out of *all* 375 new ETF launches in 2024, next closest non-spot btc ETF = $1.3bil.
Numbers are comical at this point.
Spot btc ETFs (IBIT, FBTC, ARKB, BITB) = top 4 launches of 2024.
Global X Russell 2000 ETF = 5th.
— Nate Geraci (@NateGeraci) August 14, 2024
The institutional interest in Bitcoin ETFs extends beyond Goldman Sachs. Reports indicate that over 500 institutional investors have allocated funds to these Bitcoin products. BlackRock’s IBIT has become the third-largest Bitcoin holder within just six months of its launch, with daily trading volumes reaching $4.2 million.
Recent data shows continued inflows into spot Bitcoin ETFs. On August 13, 2024, BlackRock’s IBIT saw $34.6 million in inflows, Fidelity’s FBTC received $22.6 million, and Bitwise’s BITB attracted $16.5 million. However, Grayscale’s GBTC experienced outflows of $28.6 million on the same day.
Coinciding with these developments, the price of Bitcoin has shown upward momentum. As of August 14, 2024, Bitcoin’s value surpassed $61,000, marking a 3% increase in 24 hours. This price movement comes ahead of the scheduled release of US Consumer Price Index (CPI) inflation data.
The growth in Bitcoin ETF holdings and the cryptocurrency’s price surge occur against a backdrop of broader market strength. On August 13, major Wall Street indices showed gains between 1-2%.
