Global investment bank Goldman Sachs has reported holdings of $418 million in spot bitcoin exchange-traded funds (ETFs) in the second quarter. Its biggest position is a $238 million stake in Blackrock’s Ishares Bitcoin Trust (IBIT). In contrast, Morgan Stanley reduced its bitcoin ETF holdings. Meanwhile, hedge funds are taking a more aggressive stance in the crypto market.
Goldman Sachs Discloses $418 Million Bitcoin ETF Holdings
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Goldman Sachs Boosts Bitcoin ETF Investments
Global investment bank Goldman Sachs has revealed significant investments in spot bitcoin exchange-traded funds (ETFs), acquiring $418 million worth by the second quarter of 2024.
According to the bank’s latest 13F filings, its biggest bitcoin ETF position is a $238 million stake in Blackrock’s Ishares Bitcoin Trust (IBIT). Goldman also took sizeable stakes in the Fidelity Wise Origin Bitcoin ETF (FBTC) and the Invesco Galaxy Bitcoin ETF (BTCO), and smaller positions in several other bitcoin ETFs launched in January.
While Goldman expanded its crypto investments, rival Morgan Stanley reduced its bitcoin ETF holdings from $270 million to $189 million, with most of the reduction coming from the sale of shares in Grayscale Bitcoin Trust (GBTC). This strategic shift reflects a cautious approach by Morgan Stanley, which continues to allow clients access to bitcoin ETFs, especially from Blackrock and Fidelity.
Meanwhile, hedge funds are taking a more aggressive stance in the crypto market. Millennium Management, a major player overseeing $62 billion, is the largest holder of shares in Blackrock’s bitcoin fund, though it has halved its position since May.
Other hedge funds, including Capula Investment Management and Point72 Asset Management, have also made substantial investments in spot bitcoin ETFs. The increased involvement of institutional investors is indicative of the growing acceptance of cryptocurrency as a mainstream asset class, despite the volatility in the broader markets.
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