Goldman Sachs’ Form 13F filing with the securities regulator on EDGAR reveals that it manages at least 7 of the 11 Bitcoin ETFs. Goldman Sachs falls within the list of banks like JP Morgan and Morgan Stanley that offer digital asset exposure to its clients.
Managers who manage assets over $100 million are mandatorily required to file Form 13F with the US Securities and Exchange Commission. As of June 30, Goldman Sachs manages around $419 million worth of Bitcoin ETFs in its portfolio.
Goldman Sachs has over $400M in Bitcoin ETFs
According to Goldman Sachs’ end-of-June filing, it manages $419 million worth of Bitcoin ETFs. The 13F filing revealed that it held$238.6 million in the iShares Bitcoin Trust with 6,991,248 shares. They also invested $79.5 million in the Fidelity Bitcoin ETF, totaling 1,516,302 shares, and $35.1 million in Grayscale BTC with 660,183 shares.
The latest filing shows that as of June 30, Goldman Sachs held 6,991,248 shares of iShares Bitcoin Trust ($239 million), 1,516,302 shares of Fidelity Wise Origin Bitcoin ($79.55 million), 940,443 shares of Invesco Galaxy Bitcoin ETF ($56.19 million), 660,183 shares of Grayscale…
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The investment manager also had $299,900 in the ARK 21Shares Bitcoin ETF (5,000 shares), $56.1 million in the Invesco Galaxy Bitcoin ETF (940,443 shares), $8.3 million in the Bitwise Bitcoin ETF (253,961 shares), and $749,469 in the WisdomTree Bitcoin ETF (11,773 shares). The bank now has its client portfolio exposure in at least 7 of the 11 Bitcoin ETFs.
Investment managers like banks and hedge funds are required to file Form 13F with the securities regulator quarterly if they meet the $100 million investment threshold. The reporting comes weeks after Goldman Sachs CEO, David Solomon, told CNBC in an interview that Bitcoin is “speculative” but can be a “store of value” akin to gold.
Goldman Sachs has joined JP Morgan and Morgan Stanley
Just like JP Morgan’s Jamie Dimon, Goldman Sachs’ Solomon has not endorsed crypto in the past. However, the banking giants have major institutional exposure to cryptocurrencies and digital assets.
Onyx is a blockchain platform developed by a bank, designed to create advanced financial ecosystems. It facilitates the seamless exchange of value, digital assets, and information between participants. The platform aims to modernize and improve the efficiency of financial transactions and processes by leveraging blockchain technology.
According to a Fortune report, Goldman Sachs announced that it will be expanding its crypto offering by including 3 tokenization projects. Meanwhile, JP Morgan developed Onyx as a blockchain platform for the exchange of digital assets and information as it accelerated its crypto offerings. In addition, Morgan Stanley allowed its 15,000 investment advisors to offer Bitcoin ETFs to its clients, as per CNBC‘s August report.
The trend suggests that the institutional offering in the digital asset space has grown over the years. Regulated investment managers increasing their portfolio exposure to the emerging asset class is bullish for their adoption.
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