She may have publicly expressed her opposition to digital currencies in the past, stressing that she does not believe in crypto, but the reality belies her: according to recent data, Goldman Sachs holds over $400 million in bitcoin ETFs.
Notably, the investment bank disclosed in its quarterly 13-F report that it holds positions in seven of the 11 BTC ETFs in the US
Its largest holding is in the iShares Bitcoin Trust (IBIT) at $238.6 million, followed by Fidelity’s Bitcoin ETF (FBTC) at $79.5 million, $56.1 million by the Invesco Galaxy BTC ETF (BTCO ) and $35.1 million in Grayscale’s GBTC. It also holds smaller positions in BITB, BTCW and ARKB.
The ‘stunning success’ of Bitcoin
During CoinDesk’s Consensus 2024 festival in Austin, Mathew McDermott, the bank’s global head of digital assets, said BTC ETFs were a “big psychological turning point” for the industry.
“The bitcoin ETF has obviously been a phenomenal success,” McDermott said on stage. Goldman Sachs’ digital asset office is primarily focused on the digitization of assets.
Goldman Sachs has previously said that its clients are not interested in crypto.
“We don’t think it’s an investment asset class,” Sharmin Mossavar-Rahmani, chief investment officer of the bank’s Wealth Management unit, told the Wall Street Journal in April. “We don’t believe in crypto,” said the executive of Goldman Sachs, which is now turning into a crypto whale, at the time.
Whales in the Bitcoin markets are characterized by holding a significant amount of BTC cryptocurrency, which is capable of influencing the market to some extent. While there is no exact threshold for classifying someone as a whale, a widely accepted benchmark is holding 1,000 or more BTC. In contrast, “shrimps” are investors who own less than 1 bitcoin.
Today the price of Bitcoin is down 0.91% at $58,411.61, while Ether is down 1.44% at $2,626.04.
Source: ot.gr
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