Goldman Sachs has significantly increased its exposure to Bitcoin ETFs, with holdings totaling $710 million, as revealed in its Q3 2024 filing with the U.S. Securities and Exchange Commission (SEC). This move makes the Wall Street giant the second-largest holder of BlackRock’s iShares Bitcoin Trust (IBIT), a flagship spot Bitcoin ETF that has attracted considerable institutional interest this year.
The bank reported holding 12.7 million shares in IBIT, valued at $461 million, reflecting an 83% increase from its previous filing. This positions Goldman just behind Millennium Management, which leads with $844 million in IBIT holdings. In addition to its stake in BlackRock’s fund, Goldman increased its positions across other Bitcoin ETFs, including Fidelity’s Wise Origin Bitcoin ETF, where it holds 1.7 million shares worth $95.5 million, and the Grayscale Bitcoin Trust, with 1.4 million shares now valued at $71.8 million—a 116% jump from the previous quarter. The bank also reported a 156% increase in its holdings of the Bitwise Bitcoin ETF, now valued at $22.5 million.
Goldman’s growing investments come amid record inflows into Bitcoin ETFs and BlackRock’s IBIT recently surpassing its long-standing iShares Gold ETF (IAU) in net assets. The surge in interest is tied to expectations of a pro-crypto regulatory shift under the Trump administration, which has promised to back crypto mining and establish a national Bitcoin reserve.
This dramatic rise in Goldman’s Bitcoin ETF holdings underscores a broader institutional acceptance of digital assets, signaling that major players in traditional finance see significant potential in cryptocurrencies.
