As a seasoned crypto investor with over a decade of experience under my belt, I can’t help but feel a sense of validation seeing traditional financial giants like Goldman Sachs and Morgan Stanley dipping their toes into the cryptocurrency market. The recent $419 million investment in Bitcoin ETFs by Goldman Sachs is not just a testament to the growing acceptance of digital assets, but also a strategic move that could potentially reap significant rewards in the future.
In a recent 13F filing, banking giant Goldman Sachs has revealed that it holds a whopping $419 million in Bitcoin exchange-traded funds (ETFs).
Approximately $239 million of the mentioned total is held by the dominant portion of BlackRock’s iShares Bitcoin Trust, referred to as IBIT.
Goldman Sachs is likewise an owner of stocks in investments like Fidelity Wise Origin Bitcoin, Grayscale Bitcoin Trust, among others.
According to U.Today’s report, Goldman Sachs has been included among the approved participants for BlackRock’s Bitcoin Exchange-Traded Funds (ETFs), joining other notable entities such as Swiss bank UBS and U.S. bank Citigroup in this capacity.
For now, it’s worth noting that Morgan Stanley, another major U.S. bank, has given its financial advisors permission to discuss Bitcoin with clients. This could lead to a significant increase in investments during the latter part of the year. However, this decision has sparked some controversy. John Reed Stark, a former SEC official, labeled it as a “risky move” for Morgan Stanley, suggesting that they could be in line for an extensive examination by both the SEC and FINRA, potentially making it the biggest such sweep in history.
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2024-08-14 10:24