Goldman Sachs just disclosed $1.58 billion in Bitcoin ETF holdings. And the crypto community is buzzing, understandably.
How’s your trade going?
In a new quarterly 13F filing, Goldman Sachs showed a major increase in its Bitcoin stash during the last quarter of 2024.
This is a big deal because 13F filings offer transparency into what these big players are up to.
So, where is all this Bitcoin hiding? Mostly in BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Trust.
Goldman Sachs is holding approximately $1.27 billion in IBIT, which is equivalent to 24,077,861 shares. That’s an 88% jump in shares compared to the previous quarter, when they had 12.7 million shares worth $461 million.
Diversification for the same asset?
The bank’s investment in FBTC also surged to $288 million, totaling 3,530,486 shares.
That’s a 105% increase from the quarter before! On the flip side, they slashed their GBTC holdings by 97%.
Goldman Sachs is also playing the options game with its Bitcoin ETF holdings. As of December 31, the bank held $760 million in options trading positions through spot ETFs.
This includes an IBIT call position valued at $157 million, an IBIT put position valued at $527 million, and an FBTC put position worth $84 million.
Resistance is futile?
Interestingly, the filing also revealed that Goldman Sachs decreased or closed several smaller Bitcoin ETF holdings, including ARK 21Shares’ ARKB, Bitwise’s BITB, and Grayscale’s mini Bitcoin trust. It looks like they’re strategically consolidating their crypto-related investments.
Despite Goldman Sachs’ CEO, David Solomon, previously slamming Bitcoin as a threat to the US dollar, the bank’s growing exposure to Bitcoin is undeniable.
Now, he’s singing a different tune, emphasizing the need for regulatory changes.
Now even the biggest skeptics on Wall Street can’t ignore Bitcoin’s allure. Goldman Sachs’ massive Bitcoin ETF holdings show that crypto is becoming increasingly mainstream. Will other big banks follow suit? Well, quite likely.
