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Goldman Sachs has significantly boosted its exposure to Bitcoin through its latest 13F filing. The filing, which details quarterly holdings required for institutional investors managing over $100 million, reveals notable increases in the bank’s investments in Bitcoin ETFs.
Substantial Growth in ETF Positions
The data shows that as of December 31, Goldman Sachs now holds approximately $1.27 billion in BlackRock’s iShares Bitcoin Trust (IBIT), equivalent to 24,077,861 shares. This marks an 88% increase compared to the previous quarter, where the bank held only 12.7 million shares valued at $461 million. Additionally, its position in Fidelity’s Wise Origin Bitcoin Trust (FBTC) has more than doubled, rising 105% to $288 million for a total of 3,530,486 shares.
Strategic Options and Consolidation
Alongside the increased ETF holdings, the 13F filing reveals that Goldman Sachs holds $760 million in options trading positions through spot ETFs. These positions include an IBIT call position valued at $157 million, an IBIT put position at $527 million, and an FBTC put position worth $84 million. The filing also indicates that the bank has reduced or closed several smaller Bitcoin ETF positions, including those in ARK 21Shares’ ARKB, Bitwise’s BITB, Grayscale’s mini Bitcoin Trust, Invesco Galaxy’s BTCO, and Wisdom Tree’s BTCW.
Changing Stance on Bitcoin
Despite previous skepticism from CEO David Solomon regarding Bitcoin’s impact on the US dollar’s dominance, Goldman Sachs has been steadily increasing its Bitcoin exposure. This shift aligns with a broader market trend toward institutional adoption of digital assets. Earlier this year, the bank reported Q4 net revenue of $13.8 billion and net earnings of $4.11 billion. Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.