As a seasoned crypto investor with a knack for spotting trends and a penchant for staying ahead of the curve, I find Goldman Sachs’ recent move into Bitcoin ETFs nothing short of intriguing. Once a vocal critic of cryptocurrencies, their shift towards investing in Bitcoin and other digital assets is a clear sign that even the giants of traditional finance are recognizing the potential of this revolutionary technology.
Goldman Sachs, a prominent investment bank, has revealed it holds substantial shares in Bitcoin ETFs (exchange-traded funds). Previously known for criticism of Bitcoin, Goldman Sachs seems to be adjusting its investment approach, focusing more on crypto assets, particularly the top digital currency by market value – Bitcoin.
Goldman Sachs Discloses $461 Million In BlackRock’s Bitcoin ETF
On Thursday, November 14, it was revealed through a filing with the U.S. Securities and Exchange Commission (SEC) that Goldman Sachs holds approximately $718 million in eight Bitcoin exchange-traded funds (ETFs). The bank’s recent quarterly report shows an increase of $300 million in its Bitcoin investment portfolio.
Goldman Sachs entered the U.S. Bitcoin ETF market during the second quarter of 2024, investing $418 million in a Bitcoin fund. Since then, this investment has expanded significantly, now totaling over $718 million – an increase of more than 71%.
Based on a November 14th report submitted to the U.S. Securities and Exchange Commission, Goldman Sachs currently owns approximately $461 million worth of shares in BlackRock’s physically-backed Bitcoin ETF, known as IBIT. Additionally, the investment bank disclosed that it also holds around $96 million in Fidelity’s Wise Origin Bitcoin Fund, identified by the ticker symbol FBTC.
Additionally, Goldman Sachs has revealed investments totaling approximately $72 million in the Grayscale Bitcoin Trust ETF (GBTC) and around $60 million in the Invesco Galaxy Bitcoin exchange-traded fund. Notably, they have also invested $22 million and $3 million respectively in Bitwise’s Bitcoin fund and the Ark/21Shares’ ETF.
Goldman Sachs didn’t limit its crypto initiatives to Bitcoin ETFs during the last quarter; they also ventured into newly launched spot Ethereum exchange-traded funds. Specifically, they invested $22.6 million in Grayscale Ethereum Mini Trust ETF and an additional $2.6 million in Fidelity’s Ethereum Fund.
Despite Bitcoin exchange-traded funds (ETFs) receiving considerable attention and investment ever since they were introduced, Ethereum ETFs have faced challenges in the market for quite some time following their launch. However, it seems that Ethereum ETFs are currently experiencing a phase of recovery, as they’ve recently seen six consecutive days of incoming investments.
What Else Has Goldman Sachs Been Up To?
Previously noted, Goldman Sachs has been actively participating in the digital currency sector since the start of the new year. Rather than just investing in crypto exchange-traded funds, they are also exploring opportunities involving blockchain technology.
Last month, I learned that Goldman Sachs announced their strategic growth within the crypto realm, with a particular emphasis on the tokenization sector. In this capacity as an analyst, I can now share that Matthew McDermott, the Global Head of Digital Assets at the bank, has unveiled their ambition to launch three tokenization projects before the year 2024 concludes.
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2024-11-16 23:41