“We Don’t Believe It”: Goldman Sachs Purchases $400 Million in Bitcoin

It was learned that Goldman Sachs has also invested in Bitcoin after banking giant Morgan Stanley.

According to documents filed with the US Securities and Exchange Commission (SEC), Goldman Sachs held $418 million worth of Bitcoin on behalf of its clients as of June 30.

Sharmin Mossavar-Rahmani, chief investment officer of Goldman Sachs’ asset management unit, said about Bitcoin, “We don’t see it as an investment type. We don’t believe in crypto.”

Morgan Stanley announced that it had invested approximately $188 million in spot Bitcoin ETFs as of June 30.

“It’s clear that spot Bitcoin ETFs are being adopted more and more rapidly by institutions. Institutional investors generally have a very detailed due diligence process, and this can delay the adoption process of any investment,” said ETF Store President Nate Geraci. Geraci commented, “It is surprising that institutional investors are entering spot Bitcoin ETFs at this speed.”

Investment funds have taken action

Millennium Management, which has $68.2 billion in assets under management, is among the names that invest in these funds. However, the company reduced its shares in spot Bitcoin ETFs from 39,000 to 26,000.

Elliott Management, which invested $12 million in BlackRock’s Bitcoin fund, announced that it completely closed this position as of June 30.

The pension fund of the state of Wisconsin in the USA purchased an additional 447,651 shares from the BlackRock fund in the last quarter. The fund has a total Bitcoin position of $98.9 million as of the end of June.

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