Goldman Sachs holds $238 million in BlackRock's Bitcoin ETF shares

Key Takeaways

• Goldman Sachs's Bitcoin ETF holdings are valued at over $418 million as of June 30.
• Goldman Sachs is the third largest holder of the IBIT fund.

Goldman Sachs holds around $238 million worth of BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT), as of June 30, the bank revealed in its latest 13F filing with the US Securities and Exchange Commission (SEC). The amount is equivalent to 6.9 million IBIT shares.

Goldman Sachs is among Wall Street titans backing BlackRock’s Bitcoin ETF. The bank was named an authorized participant for IBIT in March after reportedly engaging in discussions to take the role earlier this year.

The holdings position Goldman Sachs as IBIT’s third largest holder, only after Millennium Management and Capula Management. Millennium holds approximately $844 million in IBIT shares while Capula Management has around $253 million.

In addition to BlackRock’s IBIT, Goldman Sachs reported large holdings in Fidelity’s Bitcoin fund (FBTC), with around 1.5 million shares valued at $79.5 million, and over 660,000 shares of Grayscale’s Bitcoin ETF (GBTC), valued at around $35 million.

The bank’s investment portfolio also includes over $56 million in Invesco/Galaxy’s Bitcoin ETF, as well as stakes in other funds like Bitwise, WisdomTree, and Ark/21Shares.

Mathew McDermott, Goldman Sachs’ global head of digital assets, believes the January approval of spot Bitcoin ETFs marked a “ psychological turning point ,” boosting investment in Bitcoin and potentially other crypto assets.

In an interview with FOX Business last December, McDermott said the approval of spot Bitcoin and Ethereum ETFs would enhance liquidity and attract “the universe” of pension funds , insurance firms, and other institutional investors to crypto.