Goldman Sachs, a prominent investment bank, has made significant investments in the crypto sector by increasing its shares in Bitcoin and Ethereum ETFs.
Growth in Ethereum ETF Investments
According to the company's February report, Goldman Sachs has elevated its spot Ether ETF holdings by 2000%, increasing them from $22 million to $476 million. The investments are split between BlackRock’s iShares Ethereum Trust and the Fidelity Ethereum Fund.
Increase in Bitcoin ETF Shares
The company increased its Bitcoin ETF holdings by 114%, amounting to $1.52 billion. They purchased over $1.28 billion worth of shares in the iShares Bitcoin Trust and also invested $288 million in the Fidelity Wise Origin Bitcoin Fund.
Goldman Sachs Strategy in the Crypto Space
The increased holdings in Bitcoin and Ethereum ETFs demonstrate a shift in the company's investment approach. Goldman Sachs is planning to launch a cryptocurrency platform for trading financial instruments with blockchain technology.
These developments highlight Goldman Sachs' growing interest in the crypto sector, reflecting a trend of increasing institutional investments in the cryptocurrency industry.
