Goldman Sachs is diversifying its Bitcoin ETF portfolio by doubling down on other investment funds, like Fidelity's Wise Origin Bitcoin ETF and Grayscale's Bitcoin Trust.
Goldman Sachs is ramping up its exposure to Bitcoin, as revealed in its latest 13F filings with the U.S. Securities and Exchange Commission. The investment banking giant has significantly increased its holdings in BlackRock's iShares Bitcoin Trust (NYSEARCA:IBIT), a move that could indicate its bullish stance on the world's largest cryptocurrency.
According to the filings, Goldman Sachs now holds 12.7 million shares of IBIT, which is a substantial increase from the 6.9 million shares it reported in its previous filing. This marks an 83% rise in its IBIT holdings, now valued at an impressive $461 million. With this addition, Goldman Sachs has emerged as the second-largest holder of IBIT among all the reporting institutions.
The filings also reveal that Goldman Sachs has been actively accumulating shares in other Bitcoin ETFs throughout the year. Its holdings in Fidelity's Wise Origin Bitcoin ETF (NYSEARCA:WOBI) stood at 1.7 million shares, indicating an approximate value of $95.5 million. This shows a 13% increase compared to its previous 13F filing.
Furthermore, Goldman Sachs' holdings in Grayscale's Bitcoin Trust (NYSE:GBTC) surged by 116% since the last filings, now totaling 1.42 million shares, which is valued at about $71.8 million. The investment bank's total holdings in funds linked to Bitcoin, including those managed by Invesco, WisdomTree, and Ark/21Shares, now exceed 940,000 shares of BTCO (NYSEARCA:BTCO), valued at approximately $59.7 million, and 650,000 shares of BITB (NYSEARCA:BITB), at about $22.5 million.
These filings come amidst a banner year for Bitcoin, with the cryptocurrency's price skyrocketing to new all-time highs following its record-breaking rally after Donald Trump's victory in the U.S. presidential election. BTC's price has surged by over 32% in the last 30 days, climbing to a new peak of $93,434 on November 13. At press time, Bitcoin is trading around $88,137, showing a slight correction from the recent highs.
The massive inflows into Bitcoin ETFs have been one of the key factors driving BTC's remarkable ascent. In just the last six days, Bitcoin ETFs have seen a net inflow of $4.7 billion, bringing the total inflows for the year to $28.2 billion. BlackRock's iShares Bitcoin Trust is setting new records with $5 billion in trading volume, outpacing even major stocks and ETFs, which saw a total of $13 billion in volume over three days.
However, there was a sharp reversal in flows on November 14, with Bitcoin ETFs posting a net outflow of $400.7 million. Fidelity's Bitcoin ETF led the declines with $179.2 million withdrawn. The ARK & 21Shares joint ETF lost $161.7 million, Bitwise's fund lost $113.9 million, and Grayscale products lost $74.9 million.
IBIT bucked the trend with $126.5 million in net inflows, while VanEck's HODL ETF also gained $2.5 million.
