Goldman Sachs is making huge changes in the world of cryptocurrencies. At the end of 2024, the bank stated it had pumped up its amount of investment in Bitcoin exchange-traded funds (ETFs) to an astonishing $1.5 billion. This is a move the bank is taking very seriously for the future of digital assets.
It spent around $1.27 billion in the bank’s biggest Bitcoin investments on the iShares Bitcoin Trust (IBIT). It is a jump of 177 per cent from the third quarter of 2024. Along with that, the Index Fund put $288 million into the Fidelity Wise Origin Bitcoin Fund (FBTC), from which it bought 1.8 million new shares. Goldman even has $3.6 million of shares in the Grayscale Bitcoin Trust (GBTC).
While much has been written so far about Bitcoin, Goldman didn’t stop there. With the launch of Ethereum ETFs, it took an even bigger move. Ethereum ETFs continued to gain popularity amongst the bank with a rise of 1,793%, as the holdings in the fund soared from $25 million to $476.5 million. In all of this investment this iShares ethereum trust (ETHA) and Fidelity Ethereum fund (FETH) got the most. Further gold added was $6.3 million to the ETF Grayscale Ethereum Trust (ETHE).
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While the bank has discredited Bitcoin in the past as being a speculative asset, the recent investments provide evidence of a change in its strategy. However, this seems to still not quite have been enough for the virtue bank to treat crypto as a serious player in the space, however it’s paying a lot of attention to the fact that it’s growing in popularity.
Overall, it is clear that Goldman Sachs is attempting to put its stamp on the crypto world, even though the company in the past has been more neutral towards digital currencies. In this trend, more and more banks invest in cryptocurrencies, and this could reshuffle the way finance will work in the future.
Also read: Bitcoin Whales are Buying Undervalued Crypto: Market Reset or Correction?
