Goldman Sachs Makes Major Move Into Crypto ETFs

• Goldman Sachs has raised its Ethereum ETF holdings by 2000%.
• The firm’s Bitcoin ETF exposure increased to $1.52 billion.

Goldman Sachs has significantly increased its investments in Bitcoin and Ethereum exchange-traded funds (ETFs). This move reflects a stronger commitment to the crypto market. Investment behemoth Goldman Sachs is purportedly having monstrous increases in ETF holdings, with the company’s most recent SEC Form 13F filing depicting an increased level of interest in digital currencies.

The Ethereum ETF holdings of the company increased by a whopping 2000%, from $22 million to $476 million. Investments surpassed the midpoint between BlackRock’s iShares Ethereum Trust (ETHA) and Fidelity’s Ethereum Fund (FETH). An additional $6.3 million was invested in the Grayscale Ethereum Trust ETF (ETHE). This is a major change in Goldman Sachs’ strategy as Ethereum institutional adoption continues to pick up pace.

Goldman Sachs Raised Crypto ETF Stake

Goldman Sachs similarly saw a high jump in its holdings of Bitcoin ETFs by increasing its investment by 114% to $1.52 billion. This involves $1.28 billion invested in iShares Bitcoin Trust (IBIT) with a growth of 177% from previous quarters and $288 million invested in Fidelity’s Wise Origin Bitcoin Fund (FBTC). Goldman Sachs, though, closed its entire position in ARK 21Shares Bitcoin ETF and reduced its exposure to Grayscale Bitcoin ETF.

These are among Goldman Sachs’ broader crypto strategy. Late last year, the firm indicated that it was developing a cryptocurrency exchange platform along with increasing its blockchain-driven financial products on its existing platform. Bitcoin and other virtual currencies’ adoption is growing hour by hour with industry titans such as Goldman Sachs spearheading the fledgling crypto universe.