- Goldman Sachs’ crypto ETF holdings surpass $2 billion, led by Bitcoin and Ethereum.
- The bank’s Bitcoin ETF exposure grew 114%, while Ethereum holdings soared 2,000%.
- Goldman consolidates crypto ETF positions, focusing on larger and more liquid products.
Goldman Sachs has substantially increased its cryptocurrency ETF exposure. According to its latest 13F filing, the details reveal positions in both Bitcoin and Ethereum funds as of December 31, 2024. The investment bank’s total crypto holdings is now above $2 billion across various ETF products.
In the Bitcoin ETF space, Goldman acquired $1.27 billion worth of iShares Bitcoin Trust (IBIT). This represents 24,077,861 shares and marks an 88% increase from the previous quarter. The bank also holds $288 million in the Fidelity Wise Origin Bitcoin Fund (FBTC), with 3,530,486 shares, showing a 105% increase from the prior filing period.
The bank’s Ethereum ETF strategy saw an even more dramatic expansion, with holdings growing by 2,000% to reach $476 million. This position is divided primarily between BlackRock’s iShares Ethereum Trust (ETHA) and the Fidelity Ethereum Fund (FETH), with an additional $6.3 million invested in the Grayscale Ethereum Trust ETF (ETHE).
The overall Bitcoin ETF exposure grew by 114% to $1.52 billion. This includes a smaller $3.6 million position in the Grayscale Bitcoin Trust (GBTC). These increases factor in the appreciating prices of the underlying assets, with Bitcoin and Ethereum rising 41% and 26.3%, respectively, during Q4 2024.
Goldman’s options strategy includes major derivative positions, with an IBIT call position valued at $157 million and put positions worth $527 million for IBIT and $84 million for FBTC. These hedging positions suggest a nuanced approach to managing cryptocurrency exposure.
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The filing also reveals Goldman’s exit from several smaller Bitcoin ETF positions. This includes products from Bitwise, WisdomTree, and joint offerings from Invesco/Galaxy and ARK/21Shares. This consolidation indicates a preference for larger, more liquid ETF products.
This expansion builds upon Goldman’s initial entry into spot crypto ETFs in Q2 2024 when it first disclosed a $418 million Bitcoin ETF investment. The latest filing shows the bank’s growing commitment to digital asset exposure through regulated investment vehicles.
Since 2020, Goldman has expressed skepticism toward Bitcoin and the broader crypto industry, stating that it does not consider crypto an asset class and views it as “not a suitable investment” for its clients. However, its stance has changed over the years.
