According to Goldman Sachs' latest 13F filing, as of June 30, the company invested $418 million in Bitcoin ETFs.
Detailed Investment Breakdown
As per the report, Goldman Sachs' investments in Bitcoin ETFs are as follows: * **iShares Bitcoin Trust**: 6,991,248 shares valued at $239 million. * **Fidelity Wise Origin Bitcoin**: 1,516,302 shares worth $79.55 million. * **Invesco Galaxy Bitcoin ETF**: 940,443 shares totaling $56.19 million. * **Grayscale Bitcoin Trust**: 660,183 shares valued at $35.15 million. * **Bitwise Bitcoin ETF**: $8.3 million. * **WisdomTree Bitcoin ETF**: $749,469. * **ARK 21Shares Bitcoin ETF**: $299,900.
Contrasting Views on Cryptocurrency
Goldman Sachs’ investment in Bitcoin ETFs contrasts sharply with the past stance of their Chief Investment Officer, Sharmin Mossavar-Rahmani. Known for her skepticism, Mossavar-Rahmani 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 regarding financial democratization.
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 a 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' investment in Bitcoin ETFs represents an important step towards the acceptance of cryptocurrencies in the financial sector, despite previously expressed doubts.
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