Yigit Taha OZTURK 
Once skeptical of cryptocurrencies, Goldman Sachs is now making headlines with its massive Bitcoin ETF investments. According to a November 14 SEC filing, the bank disclosed a total of $718 million in Bitcoin ETF holdings. This marks a $300 million addition since Q2 2024, increasing its Bitcoin ETF portfolio by 71%.
Major Investments in BlackRock and Fidelity ETFs
Goldman Sachs made its largest investment of $461 million in BlackRock’s iShares Bitcoin Trust ETF (IBIT). Additionally, the bank allocated $96 million to Fidelity’s Wise Origin Bitcoin Fund, $72 million to Grayscale Bitcoin Trust ETF, and $60 million to Invesco Galaxy Bitcoin ETF. Smaller investments include $22.5 million in Bitwise Bitcoin ETF and $3 million in the ARK 21Shares Bitcoin ETF.
Goldman Sachs didn’t stop at Bitcoin ETFs. The bank also invested in Ethereum ETFs, including $22 million in Grayscale Ethereum Mini Trust ETF and $2.6 million in Fidelity Ethereum Fund.
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These moves highlight a significant shift from Goldman Sachs’ earlier stance on cryptocurrencies. In 2020, the bank dismissed Bitcoin as a “non-investment asset class” unsuitable for clients. Even after establishing a BTC derivatives trading desk in 2021, skepticism persisted among executives like Sharmin Mossavar-Rahmani, who likened the crypto surge to the 1600s tulip mania and declared, “We’re not believers in crypto.”
Today, however, Goldman Sachs is strengthening its influence in the crypto space with substantial investments, signaling a notable transformation in its approach.
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