Goldman Sachs increase Bitcoin, Ethereum Exposure
Goldman Sachs, a tier 1 investment bank in the world’s largest economy grew its Bitcoin ETF holdings to over $1.05 billion and its spot Ether ETF holdings by 2,000 percent in the last quarter of 2024.
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According to the company’s February report, Goldman increased its exposure to Ether ETFs from $22 million to $476 million, with nearly equal shares allocated to the Fidelity Ethereum Fund (FETH) and BlackRock’s iShares Ethereum Trust (ETHA), as well as $6.3% invested in the Grayscale Ethereum Trust ETF (ETHE).
Additionally, Goldman increased its holdings in Bitcoin ETFs by 114% to $1.52 billion.
It acquired $288 million worth of shares in the Fidelity Wise Origin Bitcoin Fund (FBTC) and almost $1.28 billion worth of shares in the iShares Bitcoin Trust (IBIT), a 177 percent increase from Q3
Goldman also owns $3.06 million worth of Grayscale Bitcoin Trust (GBTC), according to the quarterly report investment managers with securities worth over $100 million are required to submit.
According to Binance data, the increased exposure contributed to the market prices of Bitcoin and Ethereum, which rose 41% and 26%, respectively, from the start to the end of the fourth quarter.
Goldman Sachs’ initial foray into the spot crypto ETF market in the second quarter of 2024, when it revealed buying $418 million worth of Bitcoin ETFs, is further supported by the larger positions.
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