Cryptocurrency

Bitcoin ETF

Galaxy

Bitcoin

Goldman Sachs' most recent&nbsp;<a style="text-decoration:none" href="https://www.sec.gov/Archives/edgar/data/886982/000076999324000301/xslForm13F_X02/InfoTable_2024-08-13_Final3.xml">13F filing</a> shows a substantial $418 million invested in Bitcoin spot ETFs as of June 30.&nbsp;
The detailed breakdown is as follows:
<ul>
 <li>iShares Bitcoin Trust: 6,991,248 shares, valued at $239 million.</li>
 <li>Fidelity Wise Origin Bitcoin: 1,516,302 shares, worth $79.55 million.</li>
 <li>Invesco Galaxy Bitcoin ETF: 940,443 shares, totaling $56.19 million.</li>
 <li>Grayscale Bitcoin Trust: 660,183 shares, valued at $35.15 million.</li>
 <li>Bitwise Bitcoin ETF: $8.3 million.</li>
 <li>WisdomTree Bitcoin ETF: $749,469.</li>
 <li>ARK 21Shares Bitcoin ETF: $299,900.</li>
</ul>
<h2 dir="ltr" id="span-span-contrasting-views-on-cryptocurrency-span-span">Contrasting Views on Cryptocurrency</h2>
Goldman Sachs’ investment in Bitcoin ETFs contrasts sharply with the past stance of its Chief Investment Officer, Sharmin Mossavar-Rahmani.&nbsp;
&nbsp;
Known for her skepticism, Mossavar-Rahmani has consistently dismissed Bitcoin and other cryptocurrencies as viable investments. In an&nbsp;<a style="text-decoration:none" href="https://www.wsj.com/finance/currencies/bitcoin-price-goldman-01189443">interview</a> with the Wall Street Journal last April, she reiterated her doubts, criticizing the inability to evaluate Bitcoin’s worth and accusing the crypto industry of hypocrisy regarding financial democratization.
&nbsp;
<blockquote>
 “We do not think it is an investment asset class,” Rahmani said. “We’re not believers in crypto.”
</blockquote>
<h2 dir="ltr" id="span-span-shifting-financial-industry-trends-span-span">Shifting Financial Industry Trends</h2>
Goldman Sachs' recent position on Bitcoin reflects a broader trend within the financial sector. Initially marked by skepticism, the industry is increasingly integrating digital assets into mainstream financial products.&nbsp;
&nbsp;
This shift is evident as financial giants like Morgan Stanley now permit their advisors to recommend Bitcoin to clients.
&nbsp;
During CoinDesk's Consensus 2024 festival, Mathew McDermott, Goldman Sachs' global head of digital assets, highlighted Bitcoin ETFs as a significant psychological milestone for the industry.&nbsp;
&nbsp;
McDermott noted that the success of Bitcoin ETFs represents a transformative potential for the financial system, underscoring a broader acceptance of digital assets within institutional finance.
&nbsp;
The growing interest in Bitcoin ETFs is also reflected in market data, with&nbsp;<a style="text-decoration:none" href="https://sosovalue.com/assets/etf/us-btc-spot">$38.94 million</a> in daily inflows recorded for BTC ETFs during U.S. trading on Tuesday, according to SoSoValue.&nbsp;

Goldman Sachs Contradicts Past Skepticism with $418M Bitcoin ETF Investment

Table of Contents

BSCN

Other articles published on Aug 23, 2024

ASIC Wins Lawsuit Against Kraken’s Australian Operator for Regulatory Breaches

Bitcoin Price Surges Towards $62k as Fed Chair Jerome Powell Declares ‘Time for Policy Adjustment’

The Altcoin Drawing Bitcoin Whale Attention

Crypto advocates file brief against SEC's investor tracking database

SEC Strikes Out Richard Heart’s Bid to Scrap $1 Billion Lawsuit

Avalanche (AVAX) Skyrockets 11% to $26, Bitcoin (BTC) Maintains $61K (Market Watch)

Join our free newsletter for daily crypto updates!