Goldman Sachs has made a bold move by investing approx. $718 million in Bitcoin ETFs, signaling a surge in institutional interest. This includes significant increases in its holdings in major Bitcoin ETFs such as BlackRock iShares Bitcoin Trust (IBIT) and Grayscale (GBTC).
The investment reflects a broader trend of traditional financial institutions embracing cryptocurrencies. This strategic push into the crypto space comes amid growing optimism surrounding Bitcoin future and its market performance.
Goldman Sachs Expands Its ETF Holdings
Goldman Sachs significantly expanded its Bitcoin ETF holdings, as revealed in its 13F filing with the U.S. Securities and Exchange Commission (SEC) on November 14. The investment giant now holds $718 million across various Bitcoin exchange-traded funds (ETFs), marking a substantial increase in its digital asset portfolio.
In the filing, the bank disclosed holding 12.7 million shares of BlackRock iShares Bitcoin Trust (IBIT), valued at $461 million. This represents an 83% increase from its previous filing in August. Goldman now stands as the second-largest holder of IBIT. This report also comes amid speculation of BlackRock eyeing to buy a stake in Millennium Management. Additionally, the bank owns $95.5 million in Fidelity Wise Origin Bitcoin ETF (FBTC), a 13% increase from its previous stake. Its holdings in Grayscale GBTC surged by 116%, bringing the total to $71.8 million.
In addition, the bank has ramped up its stake in Bitwise Bitcoin ETF (BITB), increasing its holdings by 156% to $22.5 million. Smaller positions in other ETFs like Invesco Galaxy, WisdomTree, and ARK 21Shares Bitcoin ETF were also noted in the filing, reflecting the bank growing commitment to the cryptocurrency space.
Moreover, the big bank has also made substantial investments in Ethereum ETFs. The bank now holds $25 million in Ether-related funds, including $22.5 million in the Grayscale Ethereum Mini Trust ETF (ETH) and $2.5 million in the Fidelity Ethereum Fund (FETH).
Bitcoin ETF Inflows and Record-Breaking Bitcoin Price Surge
Bitcoin impressive rally continues to capture the attention of institutional investors, driving significant inflows into Bitcoin exchange-traded funds (ETFs). As major players like Goldman Sachs ramp up their holdings, Bitcoin price has surged to new heights, trading at $90,231, reflecting an 18.75% increase in just a week. This upward momentum is sparking optimism, with many speculating that the cryptocurrency market has entered a bull market phase.
With Bitcoin all-time high within reach, market enthusiasm is also mirrored by Bitcoin market dominance, now at 59.91%. Trading volumes have skyrocketed, with $85.17 billion in the last 24 hours alone. The influx of major institutional investments, coupled with the launch of Bitcoin ETFs, is fueling expectations that Bitcoin could soon hit $100,000.
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