Bitcoin ETF

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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

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