The post Goldman Sachs Reveals $419 Million Investment in Bitcoin ETFs appeared on BitcoinEthereumNews.com.

Goldman Sachs has widened its exposure to Bitcoin through multiple exchange-traded funds (ETFs). The bank disclosed significant investments in several prominent Bitcoin ETFs in its recent SEC filing. Goldman Sachs CEO David Solomon has acknowledged Bitcoin’s potential as a “store of value,” despite labeling it speculative. Discover how Goldman Sachs and other major banks are diversifying their portfolios with Bitcoin ETFs, signaling a broader acceptance of digital assets in traditional finance. Goldman Sachs’ Significant Holdings in Bitcoin ETFs According to Goldman Sachs’ latest filing with the United States Securities and Exchange Commission (SEC), the investment bank has allocated approximately $419 million across various Bitcoin ETFs as of June 30. This notable investment includes substantial positions in some of the major ETFs available in the U.S. market. Specifically, Goldman Sachs holds $238.6 million in the iShares Bitcoin Trust, which translates to 6,991,248 shares. The bank also invested $79.5 million in the Fidelity Bitcoin ETF, amounting to 1,516,302 shares, and $35.1 million in the Grayscale Bitcoin Trust, equating to 660,183 shares. Diverse Bitcoin ETF Portfolio Goldman Sachs’ Bitcoin ETF investments are well-diversified, including smaller yet significant allocations. The bank holds $299,900 in the ARK 21Shares Bitcoin ETF for 5,000 shares, $56.1 million in the Invesco Galaxy Bitcoin ETF amounting to 940,443 shares, $8.3 million in the Bitwise Bitcoin ETF with 253,961 shares, and $749,469 in the WisdomTree Bitcoin ETF which encompasses 11,773 shares. These investments reflect Goldman’s substantial commitment to Bitcoin ETFs, showcasing its strategic move to incorporate digital assets into its broader investment portfolio. Goldman Sachs and Major Banks’ Foray into Crypto Assets Goldman Sachs is part of a growing trend among major financial institutions, including JP Morgan and Morgan Stanley, which are increasingly incorporating digital assets into their service offerings. Despite his caution towards cryptocurrencies, Goldman Sachs CEO David Solomon…

---

Filed under: News - @ August 15, 2024 10:27 am