Goldman Sachs Amplified Its Bet on Bitcoin ETFs

The bank's most recent filing with the US Securities and Exchange Commission indicates it now owns nearly 31 million shares—up from 24 million in its last report.

Goldman Sachs has amplified its bet on Bitcoin ETFs by almost 6 million additional shares in BlackRock's (NYSE:BLK) iShares Bitcoin Trust (NYSE:IBT).

According to the bank’s most recent filing with the U.S. Securities and Exchange Commission, it now owns nearly 31 million shares—up from 24 million in its last report. That holding is valued at more than $1.4 billion and makes it the largest institutional IBIT to date, highlighted by financial analyst MacroScope.

Goldman's 30.8 million IBIT shares are a 28% rise from its earlier 24 million-share holding. At current market price, that portion of IBIT is worth over $1.4 billion.

MacroScope initially highlighted the shift. For comparison, competitor hedge fund Brevan Howard owns slightly more than 25 million shares—which itself amounts to nearly $1.4 billion.

Last December, Goldman had call and put options on IBIT. At the time, it had around $157 million in calls and more than $527 million in puts. It also had $84 million in puts on Fidelity’s FBTC.

Those hedges don’t appear in the current report. Their expiration might indicate that Goldman is transitioning to an easier, direct bet on Bitcoin's price.

IBIT Leads ETFs With $63B

BlackRock's iShares Bitcoin Trust has grown to almost $63 billion in assets managed, Farside Investors data indicate. The fund has also seen around $44 billion in net flows since its creation. This week alone, it received $674 million more.

IBIT shares rose by $1.04 to close at $58.66 on Friday, following the top coin's recovery above $60,000.

Apart from Brevan Howard, other institutions with notable IBIT positions include Jane Street, D.E. Shaw and Symmetry Investments.

And while Goldman's IBIT holding is significant, it's not entirely new. In February, the bank disclosed a $1.2 billion stake in IBIT and a $288 million holding in FBTC.

The transaction indicates that large trading desks and hedge funds are seeking Bitcoin within regulated ETFs, not futures or unregulated exchanges.

Goldman Sachs's increasing ETF stake signifies the growing confidence of major banks in Bitcoin as a viable asset class within mainstream portfolios. With more than $60 billion stashed in IBIT alone, it's evident that spot Bitcoin ETFs have resonated with institutional investors.

Whether other large banks follow suit and how that impacts Bitcoin's price will be closely observed in the upcoming months.