Goldman Sachs' latest filing shows a $418 million investment in Bitcoin spot ETFs as of June 30.
Investment Details
According to the 13F filing, Goldman Sachs' investments in various Bitcoin ETFs include: 1. **iShares Bitcoin Trust**: 6,991,248 shares valued at $239 million. 2. **Fidelity Wise Origin Bitcoin**: 1,516,302 shares worth $79.55 million. 3. **Invesco Galaxy Bitcoin ETF**: 940,443 shares totaling $56.19 million. 4. **Grayscale Bitcoin Trust**: 660,183 shares valued at $35.15 million. 5. **Bitwise Bitcoin ETF**: $8.3 million. 6. **WisdomTree Bitcoin ETF**: $749,469. 7. **ARK 21Shares Bitcoin ETF**: $299,900.
Contrasting Views on Cryptocurrency
Goldman Sachs’ investment in Bitcoin ETFs contrasts sharply with the past stance of its Chief Investment Officer, Sharmin Mossavar-Rahmani. Known for her skepticism, Mossavar-Rahmani has consistently dismissed Bitcoin and other cryptocurrencies as viable investments. In an interview with the Wall Street Journal last April, she reiterated her doubts, criticizing the inability to evaluate Bitcoin’s worth and accusing the crypto industry of hypocrisy. "We do not think it is an investment asset class," Rahmani said. "We’re not believers in crypto."
Shifting Financial Industry Trends
Goldman Sachs' recent position on Bitcoin reflects a broader trend within the financial sector. Initially marked by skepticism, the industry is increasingly integrating digital assets into mainstream financial products. This shift is evident as financial giants like Morgan Stanley now permit their advisors to recommend Bitcoin to clients. During CoinDesk's Consensus 2024 festival, Mathew McDermott, Goldman Sachs' global head of digital assets, highlighted Bitcoin ETFs as a significant psychological milestone for the industry. McDermott noted that the success of Bitcoin ETFs represents transformative potential for the financial system, underscoring a broader acceptance of digital assets within institutional finance. The growing interest in Bitcoin ETFs is also reflected in market data, with $38.94 million in daily inflows recorded for BTC ETFs during U.S. trading on Tuesday, according to SoSoValue.
Goldman Sachs' investments in Bitcoin ETFs demonstrate a significant shift in how major financial institutions view cryptocurrencies. While skepticism still exists, there is a trend in the financial industry towards incorporating digital assets into portfolios.
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