Goldman Sachs’ Bitcoin ETF Bet Soars To $1.5 Billion

Goldman Sachs has ramped up its spot Bitcoin exchange-traded fund (ETF) holdings to over $1.5 billion, underscoring its deepening commitment to cryptocurrencies in the final quarter of 2024. The latest 13F filing with the US Securities and Exchange Commission (SEC) shows a notable expansion in both BTC and Ethereum-related positions, reflecting growing institutional confidence in digital assets.

Goldman Sachs’ Bitcoin ETF Holdings Explode to $1.5 Billion

Renowned crypto analyst MacroScope (@MacroScope17) first drew attention to the filing, highlighting how Goldman had “reported $1.27 billion IBIT (24,077,861 shares)…an 88% increase” in its stake in BlackRock’s iShares Bitcoin Trust (IBIT) compared to the previous quarter. The bank also boosted its allocation to Fidelity’s Wise Origin Bitcoin Fund (FBTC) by 105%, bringing that position to around $288 million (3,530,486 shares).

Beyond these core ETF holdings, Goldman reported $3.6 million in the Grayscale BTC Trust (GBTC) while closing or reducing smaller positions in other spot BTC ETFs, including those offered by ARK 21Shares (ARKB), Bitwise (BITB), Grayscale (Mini Trust), Invesco Galaxy (BTCO), and WisdomTree (BTCW).

Alongside its direct ETF shares, the firm has taken on sizable options positions. MacroScope noted the filing disclosed an IBIT call option worth $157 million and puts on IBIT and FBTC valued at $527 million and $84 million, respectively. These strategies indicate Goldman is hedging potential downside while preserving the opportunity to capitalize on any further BTC price surges.

Bitcoin wasn’t the only beneficiary of Goldman’s growing appetite for crypto. The bank also expanded its exposure to Ethereum-focused ETFs from $22 million to roughly $476 million in Q4 which represents a nearly 19-fold increase. This shift was spread between Fidelity’s Ethereum Fund (FETH) with $234.7 million and BlackRock’s iShares Ethereum Trust (ETHA) with $235.5 million, with a smaller stake in Grayscale’s ETHE.

While Ethereum also enjoyed a substantial price increase of about 26% during the quarter, its performance has trailed behind BTC—owing in part to technical hurdles on the network and comparatively higher institutional demand for BTC.

Goldman’s bullish tilt aligns with rising interest among major financial institutions in digital assets. The bank, which first waded into spot Bitcoin ETFs in mid-2024, now appears poised to deepen its involvement, buoyed by ongoing price gains and what many observers see as a more constructive regulatory environment.

With Bitcoin hitting highs of $109,000 shortly before the US Presidential inauguration, Goldman’s expanded crypto positions highlight a broader trend: more traditional Wall Street players are looking to capture the upside of digital assets while managing risk through both ETFs and options.

At press time, BTC traded at $96,239.