- Goldman Sachs increased its Bitcoin ETF holdings by 121.1% to $1.57 billion in Q4 2023, with major positions in BlackRock and Fidelity funds.
- The bank’s largest position is in BlackRock’s iShares Bitcoin Trust, holding 24.07 million shares worth $1.27 billion.
- Options trading positions total $760 million, combining protective puts and speculative calls.
- Ethereum exposure grew nearly 19-fold to $476.5 million, split between Fidelity and BlackRock ETFs.
- The strategic positioning reflects broader institutional adoption of cryptocurrency investments amid favorable market conditions.
Goldman Sachs has dramatically expanded its cryptocurrency portfolio, more than doubling its Bitcoin ETF holdings to $1.57 billion according to its latest SEC filing. This significant increase represents a 121.1% jump from the previous quarter’s $710 million investment, marking one of the largest institutional commitments to cryptocurrency assets.
The investment bank’s largest stake lies in BlackRock’s iShares Bitcoin Trust (IBIT), where its 24.07 million shares are valued at $1.27 billion. This position demonstrates an 88% increase in share ownership since the previous reporting period.
In a strategic diversification move, Goldman has allocated $288 million to Fidelity’s Wise Origin Bitcoin ETF (FBTC), representing a 105% quarterly increase. The bank maintains a smaller $3.6 million position in Grayscale’s Bitcoin Trust (GBTC).
The bank’s sophisticated approach to cryptocurrency exposure is evident in its options strategy, totaling $760 million. This includes protective put positions worth $527 million through IBIT and $84 million through FBTC, complemented by a $157 million call position in IBIT. These options contracts serve as both insurance against potential market downturns and opportunities for upside participation.
Goldman’s regulatory filing reveals a notable expansion into Ethereum markets, with holdings increasing from $25.1 million to $476.5 million. This exposure is nearly equally divided between Fidelity’s FETH ($234.7 million) and BlackRock’s ETHA ($235.5 million).
Market performance has supported these positions, with Bitcoin appreciating 40.6% and Ethereum gaining 26.2% during Q4, according to CoinGecko data. However, Ethereum’s relative performance has lagged, with its Bitcoin ratio reaching a four-year low amid technical challenges and Bitcoin’s increasing institutional appeal.
This strategic positioning by one of Wall Street’s most influential firms reflects growing institutional confidence in cryptocurrency markets, particularly following regulatory clarity and broader market acceptance of digital assets as legitimate investment vehicles.
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