The massive increase in Goldman Sachs Bitcoin ETF holdings indicates growing interest in Bitcoin from institutional investors.
Institutional Investments in Bitcoin Continue to Rise
The US Securities and Exchange Commission (SEC) 13F report for the third quarter ended September 30 revealed that Goldman Sachs now holds $710 million in crypto assets.
A 13F filing is a mandatory quarterly filing for institutional investment managers with more than $100 million in assets. The SEC filing specifically showed that Goldman Sachs expanded its holdings across a portfolio of Bitcoin exchange-traded funds.
Blackrock’s Ishares Bitcoin Trust (IBIT), of which the bank owns 12.7 million shares (worth $461 million at the time of filing), is its largest position. Compared to its last filing in August, when the bank reported holdings of 6.9 million shares, or $281 million, that represents an 83% gain. Fidelity’s Wise Origin Bitcoin ETF (FBTC) has more than 1.7 million shares, worth $95.5 million, up 13%.
Goldman Sachs also increased its holdings in the Grayscale Bitcoin Trust (GBTC) by 116%, to more than 1.4 million shares. That amounts to $71.8 million. The filing also reported a 156% increase in holdings in the Bitwise Bitcoin ETF (BITB), totaling $22.5 million in 650,961 shares. There were also reports of smaller investments in Bitcoin ETFs from Ark Invest, 21shares, Wisdomtree, and Invesco Galaxy.
Thanks to this surge in Bitcoin holdings, Goldman Sachs is now the second-largest investor in IBIT, behind hedge fund Millennium Management, which has $844 million in holdings.
The surge in Goldman Sachs’ bitcoin ETF holdings coincides with unprecedented inflows into bitcoin ETFs. On Thursday, bitcoin ETFs recorded a staggering $8 billion in daily trading volume.
Goldman Sachs’ decision to increase its holdings of Bitcoin ETFs is a clear indication to investors and market watchers that institutional interest in digital assets is on the rise.