New York Friday, August 16, 2024- Goldman Sachs has disclosed a substantial $418 million investment in spot bitcoin exchange-traded funds (ETFs) for the second quarter of 2024.
The investment bank’s largest position is a $238 million stake in BlackRock’s iShares Bitcoin Trust (IBIT).
Additionally, Goldman Sachs holds significant investments in the Fidelity Wise Origin Bitcoin ETF (FBTC) and the Invesco Galaxy Bitcoin ETF (BTCO), along with smaller positions in other newly launched bitcoin ETFs.
In contrast, Morgan Stanley has reduced its holdings in bitcoin ETFs, decreasing its investment from $270 million to $189 million.
This reduction largely stems from selling shares in the Grayscale Bitcoin Trust (GBTC). Despite this cutback, Morgan Stanley continues to offer clients access to bitcoin ETFs, particularly those from BlackRock and Fidelity.
Hedge funds are also showing increased activity in the crypto market.
Millennium Management, a leading hedge fund managing $62 billion, is the largest shareholder in BlackRock’s bitcoin fund, although it has reduced its position by half since May.
Other hedge funds, such as Capula Investment Management and Point72 Asset Management, have made significant investments in spot bitcoin ETFs.
