Goldman Sachs Unveils $419M Bitcoin ETF Investment Amidst Growing Wall Street Crypto Interest

14. Aug 2024 Posted by Laurent C. on News

Goldman Sachs has made headlines with its latest 13F filing, revealing a significant investment of $419 million in Bitcoin exchange-traded funds (ETFs). Among these, the iShares Bitcoin Trust (IBIT) by BlackRock dominates Goldman Sachs’ portfolio with a hefty $239 million stake.

The banking giant's interest in cryptocurrency doesn’t stop there. Goldman Sachs has also diversified its holdings across several prominent Bitcoin investment products, including Fidelity Wise Origin Bitcoin and Grayscale Bitcoin Trust. Notably, Goldman Sachs has been named as an authorized participant for BlackRock's Bitcoin ETFs, alongside UBS from Switzerland and Citigroup from the U.S., further cementing its role in the growing digital asset space.

Meanwhile, Morgan Stanley, another powerhouse in American banking, has taken a bold step by permitting its financial advisors to introduce Bitcoin to clients. This strategic move could open the floodgates for substantial investments in the latter half of the year.