Goldman Sachs has significantly increased its investments in Bitcoin, enhancing its position in iShares Bitcoin Trust and other Bitcoin ETFs.
Goldman's Increased IBIT Investments
Goldman Sachs has increased its holdings in iShares Bitcoin Trust (IBIT) to a staggering $461 million, marking an 83% increase from the previous position. As a result, the firm has become the second-largest holder of IBIT shares, now holding 12.7 million shares compared to its prior 6.9 million shares.
Bitcoin ETF Portfolio Expansion
Goldman is diversifying its Bitcoin ETF portfolio by doubling down on other investment funds like Fidelity's Wise Origin Bitcoin ETF and Grayscale's Bitcoin Trust. It owns over 1.7 million shares of Fidelity's Bitcoin ETF, approximately worth $95.5 million. Its Grayscale holdings surged by 116%, now standing at 1.42 million shares, worth around $71.8 million.
Bitcoin Price Surge and Correction
Bitcoin’s price soared following Donald Trump's US presidential election win, hitting an all-time high of $93,434 on November 13. However, at present, Bitcoin is trading at an average price of $88,137 due to a market correction. Bitcoin remains the 7th largest asset globally. Despite the recent record-breaking inflows into Bitcoin ETFs, there was a sharp reversal with a net outflow of $400.7 million on November 14.
Goldman Sachs’ increased investments in Bitcoin highlight a growing interest in crypto investments, despite recent market fluctuations.
