Goldman Sachs Has disclosed $418 Million in Bitcoin spot exchange-traded fund (ETF) holdings, signaling a growing institution appetite for Bitcoin.
BREAKING: πΊπΈ Goldman Sachs reports holding over $400 million in spot #Bitcoin SEC files new filing on ETFsπ pic.twitter.com/n4nWDfCm6w
— Bitcoin Magazine (@BitcoinMagazine) August 14, 2024
In a quarterly filingThe Wall Street giant revealed its investments in seven different Bitcoin ETFs that are available on the U.S. Market. The largest investment was made in BlackRock’s iShares Bitcoin Trust IBIT is worth almost $240 million.
Goldman owned shares worth $79.5 million. Fidelity Bitcoin ETF. $35.1 millions in Grayscale BTC. $56.1 in Invesco. $8.3 in Bitwise Bitcoin ETF.
This disclosure highlights the surge in institutional demand for Bitcoin-based products, as Bitcoin becomes more mainstream. Goldman’s diverse and large Bitcoin ETF portfolio allows it to profit from Bitcoinβs potential upside without directly owning the currency.
Earlier this yearGoldman Sachs head of digital asset called Bitcoin ETFs “astonishing success,” The Wall Street giant has changed its mind about Bitcoin after many years of scepticism.
Bitcoin ETFs offer a gateway to institutional involvement as the legacy financial system gradually adopts Bitcoin. ETFs provide familiarity, liquidity and a way to mitigate Bitcoin volatility.
In the end, all major financial To meet the demand of their clients, institutions are likely to hold significant Bitcoin. Goldman’s Bitcoin ETF wager signals that Bitcoin will be here for a long time.
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Source: bitcoinmagazine.com