Goldman Sachs holds about $418.6 million worth of bitcoin spot ETF shares in seven funds that were just beginning to emerge on June 30, compatible to an Aug. 13 company filing with the Securities and Exchange Commission.
Goldman Sachs’ largest position is the IShares Bitcoin Trust (IBIT) with a value of $238.6 million. The next closest in the list are Fidelity Wise Origin Bitcoin Fund (FBTC) at $79.5 million, and Invesco Galaxy Bitcoin ETF (BTCO) at $56.1 million. The bank also has $35.1 million of the Grayscale Bitcoin Trust ETF (GBTC).
The smaller options are $8.3 million within the Bitwise Bitcoin ETF (BITB) as well as $749,469 in the WisdomTree Bitcoin Fund (BTCW) and $299,900 in the ARK 21Shares Bitcoin ETF (ARKB).
The interest of the bank is a sign of the increasing interest of institutions in investment products based on cryptocurrency. The 11 funds that began trading earlier in the year have racked up $17.4 billion in inflows like the U.K. Asset management firm Farside Investors.
The ETFs have generated $39 million of Net inflows during the day on Tuesday. IBIT, the flagship ETF of iShares, led inflows with $34.6 million which was then FBTC and FBTC with $22.6 million. Bitcoin was trading recently at around $59,000, which was down by a little over the last 24 hours. The biggest digital asset in terms of market value has been hit lately by uncertainty in the macroeconomic environment which has also impacted other assets that are risky.
Bitcoin ETFs are part of Goldman’s broader Strategy
The SEC document outlines Goldman’s specific shares of the funds, which include 1.5 million Fidelity shares FBTC along with 660,183 shares in Grayscale’s GBTC.
The holdings form an element of Goldman Sachs’ broader ETF strategy, which comprises 44 ETFs that trade through U.S. markets with total assets under management of around $35 billion. The financial services company has recently diversified the municipal bond ETF offering.
The popularity of the spot bitcoin funds has sparked interest in other cryptocurrency-based ETFs. In the month of March nine spot ETFs based on Ethereum have started trading. While they’ve produced an outflow of $376 million within less than three months of trading debut has been largely deemed successful. The net flow has been mostly result of $2.3 billion in outflows to Grayscale Ethereum Trust (ETHE). The fund differs from other funds in the category due to the fact that it is a conversion of trusts and has the highest fees, 2.5%.
