Goldman Sachs Bitcoin ETF Holdings hit $710 million 

Wall Street behemoth Goldman Sachs has shocked the financial community with its renewed interest in Bitcoin after revealing an astounding $710 million in BTC holdings across multiple exchange-traded funds.  

The American banking company’s exposure to cryptocurrencies has increased significantly, which may be crucial for its continued acceptance in the conventional financial sector. 

Goldman’s holdings of Bitcoin-related ETFs were significantly smaller in an August disclosure, , with the two largest being approximately $252 million in BlackRock’s IBIT fund and $33 million in Grayscale’s GBTC.  

However, there is a sharp rise in the company’s most recent filing, which was deposited on November 14. Its GBTC position increased 116 percent to $71.8 million, while its IBIT stake increased 83 percent to $461 million.  

Other investments include $22.5 million in Bitwise’s BITB and $95 million in the Fidelity Wise Origin Bitcoin Fund (FBTC), which represent  13 and 156 percent increase, respectively. 

Goldman Sachs’s most recent 13F filing marks a significant change from the company’s prior position on digital assets.  Several of the bank’s senior executives had earlier voiced differing levels of doubt about the asset class.  

 The company’s Chief Investment Officer for Wealth Management, Sharmin Mossavar-Rahmani, stated that Bitcoin was a volatile asset that should not be invested in for the long term. 

The business has adopted a more candid stance, with CEO David Solomon acknowledging that Bitcoin might be a useful store of value.

The developments of these holdings are not unique. A modest $51,921 position in FBTC was also disclosed by the Teachers Insurance and Annuity Association of America (TIAA), a prominent endowment manager that was previously recognized for its conservative stance.

Even though the allocation is modest, it shows that traditionally risk-averse segments are beginning to accept cryptocurrency, particularly Bitcoin.