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Amid the distrust and fascination, banks seem to have found a new muse: Bitcoin. Once wary, financial giants change their tune, and Goldman Sachs is no exception. This once skeptical bank jumped on the crypto bandwagon and amassed hundreds of millions of dollars in BTC through ETFs. The shift is clear and the numbers speak for themselves: time to unravel this bold strategy.
Goldman Sachs: Up 71% in Bitcoin ETFs
Goldman Sachs Doubles Bitcoin The bank now owns it, according to SEC filings $718M in Bitcoin ETF. This amount includes an increase of 300 million a 71% jump from the second quarter of 2024.
His investments include the star remains BlackRock’s $461 million iShares Bitcoin Trust ETF. Added to this are significant sums in Fidelity, Grayscale and Invesco funds.
Some notable characters:
- BlackRock (IBIT): $461 million;
- Fidelity (Wise Origin Fund): $96 million;
- Grayscale Bitcoin Trust: $72 million;
- Invesco Galaxy Bitcoin ETF: $60 million.
The moves mark a radical change for the institution, which in 2020 declared 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, likening the craze to a speculative bubble like the tulip mania of the 17th century. However, in 2024, the approach changed: investments in Bitcoin and Ethereum products became strategic.
The bank also allocated $22M into Ethereum ETFespecially through Grayscale and Fidelity.
Why this turnaround? Institutional investors see crypto lever for the future. As one Goldman Sachs executive summarized: demand has changed and we have to adapt ».
This turnaround reflects a major trend: institutions no longer want to miss the digital train.
For Goldman Sachs, the situation has reversed. Bitcoin and cryptocurrencies are no longer fringes, but inevitable opportunities. Big investors have understood: the time has come to act so as not to miss the ongoing revolution.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.
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