- Goldman Sachs disclosed holdings in seven Bitcoin (BTC) exchange-traded funds (ETFs) totaling over $400 million, according to a recent filing
- •he investment bank’s filing shows exposure to Bitcoin ETFs from issuers like Amplify Investments, VanEck, and Valkyrie
- Goldman’s move highlights growing institutional interest and adoption of crypto assets like Bitcoin
Goldman Sachs says it owns over $400 million in bitcoin ETFs, according to a recently filed 13F. The investment bank’s disclosure confirms its growing appetite for crypto investments.
Goldman Sachs’ Crypto Holdings
- Goldman Sachs disclosed holdings in the Grayscale Bitcoin Trust (GBTC), valkyrie Bitcoin Strategy ETF (BTF), and Osprey Bitcoin Trust (OBTC).
- The bank said it held a stake worth $384 million in GBTC as of June 30. It also owned $37 million in BTF and $12 million in OBTC.
- Overall, Goldman Sachs’ investments in the three bitcoin funds totaled $433 million as of the end of Q2 2022.
- The bank first traded a bitcoin derivatives product in 2018. Earlier this year, it offered its first over-the-counter bitcoin options trades.
- Goldman Sachs has slowly increased its involvement in the crypto space. It restarted its cryptocurrency trading desk in 2021 and led a funding round for blockchain analytics firm TRM Labs in June 2022.
The Future of Institutional Crypto Adoption
- Goldman Sachs’ latest disclosure shows that institutional demand for crypto exposure continues to grow.
- Other major financial institutions like Fidelity, Citigroup, and BlackRock have also started offering crypto-related services and products.
- However, SEC Chairman Gary Gensler has rejected applications for spot bitcoin ETFs. This could stall wider institutional adoption in the US.
- Meanwhile, global regulators are working on comprehensive crypto regulations. The EU’s MiCA framework and the UK’s crypto asset regime are expected to boost institutional confidence in the space.
Conclusion
Goldman Sachs’ investments in bitcoin ETFs highlight the growing appetite for crypto products among major financial institutions. As regulators provide more legal clarity, institutional adoption of cryptocurrencies could accelerate further. For now, bitcoin ETFs remain one of the few regulated crypto instruments available to banks and asset managers.
