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According to a recent filing by the U.S. Securities and Exchange Commission (SEC), Goldman Sachs has increased its involvement in the cryptocurrency space significantly, holding nearly $2 billion in Bitcoin and Ethereum exchange-traded funds (ETFs). As the financial behemoth continues to venture deeper into the realm of digital assets, it continues to favor ETFs as a means of gaining exposure to leading cryptocurrencies without actually buying them.
The filing reveals that Goldman Sachs currently holds $1.63 billion worth of Bitcoin ETFs. A large portion of this comes from its shares in BlackRock’s iShares Bitcoin Trust (IBIT), where it owns 24,077,861 shares valued at over $1.33 billion. Additionally, Goldman Sachs has investments in the Fidelity Wise Origin Bitcoin (FBTC) with 3,530,486 shares worth around $300 million, and the Grayscale Bitcoin Trust (GBTC), holding 49,183 shares valued at more than $3.7 million.
For Ethereum, Goldman Sachs holds 7,024,747 shares of the Fidelity Ethereum Fund (FETH), valued at $191.1 million, and 200,000 shares of the Grayscale Ethereum Mini Trust ETF, worth over $5.1 million. These investments demonstrate the bank’s belief in the future growth and potential of these two leading cryptocurrencies.
While Goldman Sachs continues to accumulate Bitcoin and Ethereum ETFs, the bank’s CEO, David Solomon, has previously highlighted the regulatory hurdles that limit its direct involvement in cryptocurrency trading. In December, Solomon noted, “At the moment, as a regulated banking institution, we’re not allowed to own a cryptocurrency like Bitcoin as a principal. We give our clients advice around a variety of these technologies and these issues and will continue to do that, but for the moment our ability to act in these markets is extremely limited from a regulatory perspective.”
Despite the regulatory constraints, Goldman Sachs’ move into cryptocurrency ETFs signals its growing commitment to digital assets. With regulatory clarity on the horizon, the bank may explore more direct involvement in the crypto markets in the future.