Goldman Sachs has significantly increased its investments in Bitcoin ETFs, highlighting the growing presence of cryptocurrencies in the financial market.
Increase in Bitcoin ETF Holdings
According to the latest data, Goldman Sachs has increased its position in Bitcoin ETFs to $2.3 billion, reflecting a $710 million rise compared to the previous quarter. The majority of investments are in iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC).
Minimal Exposure to Grayscale Bitcoin Trust
Goldman Sachs favours IBIT and FBTC, while its investments in Grayscale Bitcoin Trust remain minimal. Other financial institutions are also shifting their focus towards newer Bitcoin ETFs.
Goldman Sachs' Changed Stance on Bitcoin
Since 2020, Goldman Sachs has altered its view on Bitcoin. The bank previously did not consider Bitcoin an investment asset class, though growing institutional interest has led to a strategic change in Bitcoin ETF holdings.
Goldman Sachs' increased investment in Bitcoin ETFs reflects the overall growing interest in cryptocurrencies by major financial entities despite ongoing regulatory challenges.
