Goldman Sachs Grows Bitcoin ETF Holdings to $710 Million
With the Acquisition, Goldman Now Becomes The Second Largest Holder of IBIT, Only Behind The Hedge Fund Millennium Management, Which Has $844 Million in Holdings.
Goldman Sachs, in its latest 13F filing with the U.S. Securities and Exchange Commission (SEC), the bank revealed the investment bank now holds $710 million in Bitcoin ETF investments as of September 30.
A 13F filing is a quarterly report mandated by the SEC for institutional investment managers with over $100 million in assets under management.
Goldman Sachs Bitcoin ETF Portfolio
The recent filing shows Goldman Sachs’ pivot toward digital assets, with its largest exposure in BlackRock’s iShares Bitcoin Trust (IBIT).
The bank now owns 12.7 million shares of IBIT, valued at $461 million, marking an 83% increase from its August holdings of 6.9 million shares, then worth $281 million.
With this, Goldman becomes the second-largest holder of IBIT, second only to Millennium Management, which leads with $844 million in holdings.
Beyond IBIT, Goldman has also strengthened its stake in other major Bitcoin ETFs. Its position in Fidelity’s Wise Origin Bitcoin ETF (FBTC) now stands at 1.7 million shares, worth $95.5 million—a 13% rise. Similarly, the bank doubled its holdings in the Grayscale Bitcoin Trust (GBTC) to over 1.4 million shares, valued at $71.8 million.
Further, Goldman boosted its investment in the Bitwise Bitcoin ETF (BITB) by 156%, totaling 650,961 shares worth $22.5 million underscoring the bank’s focus on growing its digital assets.
Institutional Interest in Crypto Gains Momentum
However, while Bitcoin remains the focus of Goldman’s digital asset acquisition, the bank is also diversifying into Ether ETFs. Its latest filing also disclosed $22 million in Ethereum-related ETFs, including $22.6 million in the Grayscale Ethereum Mini Trust ETF and $2.6 million in Fidelity’s Ethereum Fund.
The news comes as spot Bitcoin ETFs continue to attract record inflows. Notably, BlackRock’s iShares Bitcoin Trust ETF recently surpassed its flagship iShares Gold ETF (IAU) in net assets. This is an impressive milestone considering that IBIT was launched only in January 2024, while IAU launch dates back to 2005.
Goldman Sachs’ acquisition of Bitcoin ETFs marks a change of heart from its earlier stance on cryptocurrencies.
In 2020, the bank criticized Bitcoin, labeling it “not an asset class” and unsuitable for investment. However, as the crypto market grew and institutional demand surged, Goldman began reassessing its position.
