According to CryptoPotato, the second quarter of 2024 concluded with significant investments by major United States banks in spot Bitcoin exchange-traded funds (ETFs). Several 13F filings with the U.S. Securities and Exchange Commission revealed that these financial institutions acquired substantial shares of various spot Bitcoin ETFs for their clients. In the upcoming months, these banks may further increase their ETF holdings and incorporate them into their balance sheets.
Goldman Sachs, the world’s second-largest investment bank by revenue, reported spot Bitcoin ETF holdings amounting to $418 million. The bank disclosed ownership of shares in multiple funds, including BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), and Grayscale’s Bitcoin Trust (GBTC). Goldman Sachs also invested in funds issued by Ark Invest/21Shares, Invesco/Galaxy, Bitwise, and WisdomTree. Its largest holdings are in IBIT, with $238 million, followed by $79.5 million in FBTC.
Morgan Stanley, another Wall Street giant, reported spot Bitcoin ETF holdings as well. Although the firm had a $269 million investment in GBTC in the first quarter, its holdings decreased to approximately $189.7 million by the end of June. The GBTC shares were reduced to $148,000, while shares in Ark Invest’s ARKB totaled $1.6 million. Morgan Stanley’s $188 million investment in IBIT made it the fifth-largest holder of the fund’s shares. The bank also encouraged its financial advisers to recommend Bitcoin ETFs to clients with a net worth exceeding $1.5 million.
Other major banks, including Bank of America, HSBC, and UBS, reported smaller investments in spot Bitcoin ETFs. Bank of America holds $5.3 million in shares, primarily from IBIT and FBTC, HSBC acquired $3.6 billion in ARKB, and UBS reported roughly $300,000 in IBIT and other ETFs. While Goldman Sachs, Bank of America, HSBC, and UBS took their time to purchase spot Bitcoin ETFs for clients, entities like Wells Fargo and JP Morgan made minimal investments shortly after the funds were launched in the first quarter.
As more banks, hedge funds, and large entities invest in spot Bitcoin ETFs, analysts believe these funds are collectively on track to surpass the holdings of Bitcoin creator Satoshi Nakamoto by October.