Goldman Sachs' $418M Bitcoin ETF Surge: A New Era in Digital Finance

Goldman Sachs is making a big move into Bitcoin ETF. According to its latest report, the bank now owns $418 million in BTC-related ETFs, which shows a big change in how it views digital money.

The report reveals that Goldman Sachs bought shares in several Bitcoin ETFs. They invested the most money, $238.6 million, in BlackRock’s iShares BTC Trust. They also invested $79.5 million in the Fidelity BTC ETF and $35.1 million in the Grayscale BTC Trust. Plus, they added $56.1 million to the Invesco Galaxy Bitcoin ETF.

But that’s not all. Goldman Sachs also bought smaller amounts of other Bitcoin ETFs. They put $8.3 million in the Bitwise BTC ETF, about $750,000 in the WisdomTree BTC ETF, and around $300,000 in the ARK 21Shares BTC ETF. This shows that Goldman Sachs is really starting to like digital assets, which is a big change from how banks used to think about them.

Big Banks Dive into Bitcoin ETF: iShares Leads the 2024 Surge

More big investors are buying Bitcoin ETFs in 2024. The iShares Bitcoin ETF has been very popular, bringing in $20.5 billion this year—much more than any other similar ETF. The top four new ETFs this year are all Bitcoin ETFs.

This move by Goldman Sachs shows that big banks are taking BTC seriously now. It’s a sign that BTC is becoming a normal part of the money world. Nate Geraci, who runs the ETF Store, says the iShares Bitcoin ETF is doing much better than other Bitcoin ETFs. It’s bringing in way more money than the next closest one.

Source: Nate Geraci X Post

Eric Balchunas from Bloomberg also shared some interesting news. He says that U.S. ETFs might soon own more BTC than Satoshi Nakamoto, the creator. BlackRock is already the third-biggest BTC owner and could become the biggest by next year.

This news about Goldman Sachs shows how things are changing in the world of money. Big banks used to fear BTC, but now they’re buying lots. This could mean that more people and companies will start using BTC.

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