Goldman Sachs has revealed $710 million in Bitcoin holdings through various exchange-traded funds (ETFs), signaling a significant shift in its approach to cryptocurrency.
The bank’s latest filing shows substantial increases in BTC-related ETF investments, including an 83% rise in BlackRock’s IBIT fund ($461M) and a 116% boost in Grayscale’s GBTC ($71.8M).
This move reflects Goldman’s growing embrace of Bitcoin, contrasting with its earlier skepticism. CEO David Solomon recently acknowledged Bitcoin’s potential as a store of value, marking a change in tone.
The shift coincides with a pro-crypto regulatory environment in the U.S., which is expected to boost institutional adoption of digital assets. Goldman’s pivot underscores the increasing recognition of Bitcoin as a mainstream asset in traditional finance.
The bank also increased its positions in other Bitcoin ETFs, including Fidelity’s FBTC ($95.5M, up 13%), Grayscale’s GBTC ($71.8M, up 116%), and Bitwise’s BITB ($22.5M, up 156%).
These investments coincide with record inflows into Bitcoin ETFs, which recently surpassed $90 billion in total assets, nearing gold ETFs’ dominance. Despite strong institutional activity, Bitcoin’s price has dropped 1.33% in the past 24 hours to $89,902.54, highlighting ongoing market volatility.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
