Goldman Sachs bets big on Bitcoin, increases exposure by 90%

Goldman Sachs, one of the largest investment banks, has upped its holdings of Bitcoin exchange-traded fund, according to a recent US Securities and Exchange Commission 13F filing.

Bold move with Bitcoin ETFs

It now holds $1.27 billion worth of the iShares Bitcoin Trust ETF (IBIT), which equates to about 24,077,861 shares, as per The Street. This is an 88% rise in its Bitcoin ETF holdings from its previous filing covering July to September 2024.

According to the report, iShares Bitcoin Trust ETF is a convenient method of exposure to Bitcoin without the institutions actually holding the cryptocurrency, an option which has been becoming increasingly popular with leading financial institutions.

Fidelity Bitcoin Fund

Furthermore, Goldman Sachs has also increased its investment in the Fidelity Wise Origin Bitcoin Fund (FBTC) to $288 million. According to The Street, this is a 105% increase from the last quarter. The Fidelity fund is also a regulated investment product that follows the price of Bitcoin and is another institutionally focused product for those interested in gaining access to the cryptocurrency market, as per the report.

Goldman Sachs adjusts crypto exposure through options

But Goldman Sachs has been trimming its overall crypto exposure, closing out smaller Bitcoin ETF positions, and making Bitcoin options moves. According to the report, on December 31, 2024, the bank had IBIT call options worth $157 million, IBIT put options worth $527 million, and FBTC put options worth $84 million.
 

Other Bitcoin ETFs see outflows

In the meantime, other Bitcoin ETFs experienced some significant outflows. As per the report, Bitcoin spot ETFs as a group experienced $186.3 million in outflows on February 10. According to data provided by Farside Investors, there were large withdrawals from funds such as the Fidelity Wise Origin Bitcoin Fund, ARK 21Shares Bitcoin ETF, and Grayscale Bitcoin Trust.