Goldman Sachs' spot BTC ETF holdings reach $419 million as institutional adoption surges
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Goldman Sachs' spot BTC ETF holdings reach $419 million as institutional adoption surges
Institutional adoption is crucial for BTC to reach a new all-time high.
Navigating Web3 tides with focused insightsSource: zycrypto
Compiled by: Blockchain Knight
According to regulatory filings submitted to the U.S. Securities and Exchange Commission, Goldman Sachs has accumulated approximately $419 million in BTC exposure through ETFs.
The investment banking giant disclosed that Goldman Sachs holds positions on behalf of its clients in 7 out of the 11 spot BTC ETFs listed in the United States.
In a Form 13F filing, Goldman stated it purchased 6.9 million shares of BlackRock's iShares IBIT ETF, valued at $238.6 million.
Data from Fintel shows Goldman Sachs is currently the third-largest holder of IBIT, behind only Millennium Management and London-based Capula Management.
Notably, Goldman Sachs is one of nine Wall Street giants supporting IBIT.
It was reported that BlackRock negotiated with Goldman Sachs earlier in January to play a key role, and in April, BlackRock appointed Goldman Sachs as an authorized participant.
Besides IBIT, the bank also reported holdings of 1.51 million shares in Fidelity's BTC ETF (worth $79.5 million), 660,183 shares in Grayscale's BTC ETF (worth $35 million), and Invesco Galaxy's BTC ETF (worth $56.1 million).
In addition, the firm holds small stakes in other funds such as Bitwise, WisdomTree, and ARK 21Shares.
Goldman Sachs' position on BTC highlights a major trend in traditional finance—a clear shift from initial skepticism toward cautious acceptance of crypto assets and their integration into mainstream financial products.
Previously, Goldman Sachs had stated that its clients were not interested in digital assets.
In April, Sharmin Mossavar-Rahmani, chief investment officer of the bank’s wealth management division, declared: "We don't view it as an investable asset class. We are not believers in crypto assets."
Goldman Sachs made this disclosure amid an explosive increase in institutional demand for BTC ETFs this year.
Nate Geraci, president of ETF Store, observed that BlackRock’s IBIT has attracted around $20.5 billion in cumulative net inflows so far this year alone—dwarfing all other non-spot BTC ETFs launched afterward.
Among the 375 new ETFs launched in 2024, the next largest non-spot BTC ETF has accumulated only $1.3 billion in inflows.
"The current numbers are absurd," Geraci posted on X on August 14.
BlackRock’s IBIT, Fidelity’s BTC ETF, ARK 21Shares BTC ETF, and Bitwise BTC ETF are the four dominant funds launched this year.
Ongoing institutional adoption is crucial for BTC reaching new all-time highs. According to some industry experts, if the current adoption curve grows fourfold, BTC's 'ultimate price' could exceed $700,000.
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