Goldman Sachs Changes Course And Bets Big On Bitcoin ETFs

Between mistrust and fascination, banks seem to have found a new muse: Bitcoin. Once hesitant, financial giants are changing their tune, and Goldman Sachs is no exception. This bank, once skeptical, has jumped on the crypto bandwagon, accumulating hundreds of millions of dollars in BTC via ETFs. The shift is clear, and the numbers speak for themselves: let’s decode this bold strategy.

Goldman Sachs: 71% More in Bitcoin ETFs  

Goldman Sachs has doubled down on Bitcoin. According to a filing with the SEC, the bank now holds $718 million in Bitcoin ETFs. This amount includes a $300 million increase since the second quarter of 2024, representing a 71% jump.

Among its investments, the star remains BlackRock’s iShares Bitcoin Trust ETF, which represents $461 million. Additionally, significant sums are allocated to Fidelity, Grayscale, and Invesco funds.

Some striking figures:

• BlackRock (IBIT): $461 million;  
• Fidelity (Wise Origin Fund): $96 million;  
• Grayscale Bitcoin Trust: $72 million;  
• Invesco Galaxy Bitcoin ETF: $60 million.  

These movements mark a radical shift for an institution that, in 2020, stated that Bitcoin was “not an asset class“.

Crypto: A Historic Turnaround at Goldman Sachs  

The contrast is striking. In 2020, Goldman Sachs was still criticizing Bitcoin, comparing the craze to a speculative bubble akin to the 17th-century tulip mania. Yet, in 2024, the approach has changed: investment in Bitcoin and Ethereum products has become strategic.

The bank has also allocated $22 million to Ethereum ETFs, notably through Grayscale and Fidelity.

Why this turnaround? Institutional investors see crypto as a lever for the future. As summed up by an executive at Goldman Sachs, “demand has changed, and we must adapt“.

This turnaround reflects a significant trend: institutions no longer want to miss the digital train.

The tide has turned for Goldman Sachs. Bitcoin and cryptos are no longer marginal phenomena but essential opportunities. Major investors have understood this: the time is for action to not miss the ongoing revolution.