Goldman Sachs dramatically increased its Ether (ETH) and Bitcoin (BTC) ETF holdings in Q4 2024, highlighting Wall Street’s growing interest in crypto. According to a Feb. 11 SEC filing, Goldman boosted its Ether ETF position by over 2,000%, from $22 million to $476 million. This includes investments in BlackRock’s iShares Ethereum Trust (ETHA), the Fidelity Ethereum Fund (FETH), and Grayscale Ethereum Trust ETF (ETHE).
The bank also doubled its Bitcoin ETF holdings by 114% to $1.52 billion, purchasing nearly $1.28 billion in iShares Bitcoin Trust (IBIT) and $288 million in Fidelity Wise Origin Bitcoin Fund (FBTC). It holds an additional $3.6 million in Grayscale Bitcoin Trust (GBTC).
Goldman’s increased exposure aligns with rising crypto prices, as BTC and ETH surged 41% and 26.3% respectively in Q4, per CoinGecko data. Interestingly, Goldman exited Bitcoin ETF positions from Bitwise, WisdomTree, Invesco, Galaxy, ARK, and 21Shares.
Despite previous skepticism, Goldman’s crypto investments reflect a broader trend of institutional adoption, driven by a favorable regulatory environment. The bank is also reportedly considering launching its own crypto trading platform, according to Bloomberg.
Goldman’s shift is notable given its past criticism of crypto, with Sharmin Mossavar-Rahmani, CIO of Goldman Private Wealth Management, calling crypto a “tulip mania†as recently as April 2024.
Source: Cointelegraph
