Global investment bank Goldman Sachs GS on Wednesday revealed significant investments in Bitcoin BTC/USD exchange-traded funds (ETFs), according to its latest 13F filing.
What Happened: The report discloses that Goldman Sachs holds positions in seven out of the 11 Bitcoin ETFs available in the U.S., highlighting a notable shift in the bank’s approach to digital assets.
The largest of these holdings is in the iShares Bitcoin Trust IBIT, valued at $238.6 million.
Other substantial investments include $79.5 million in Fidelity’s Bitcoin ETF FBTC, $56.1 million in Invesco Galaxy‘s BTC ETF BTCO, and $35.1 million in Grayscale‘s GBTC.
The bank also holds smaller stakes in the BITB, BTCW and ARKB ETFs.
This comes despite previous statements from Goldman Sachs downplaying the investment potential of cryptocurrencies.
“We do not think it is an investment asset class,” Sharmin Mossavar-Rahmani, Chief Investment Officer of Goldman's Wealth Management unit, told the Wall Street Journal in April, adding, “We're not believers in crypto.”
The ETF market has seen continued positive momentum, with $4.39 million in daily inflows recorded during U.S. trading on Tuesday, according to data from SoSoValue.
What’s Next: These developments in institutional investment in Bitcoin will be a key topic of discussion at Benzinga’s Future of Digital Assets event on Nov. 19, where industry experts will explore the evolving landscape of digital currencies and their impact on the financial sector.
Read Next: Enjoy Ethereum’s Rally While It Lasts, Warns 10x Research
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