- Goldman Sachs holds $1.5B in Bitcoin ETFs, with major stakes in BlackRock’s IBIT and Fidelity’s FBTC per the latest filings.
- The bank increased IBIT holdings by 88% and FBTC by 105%, showing a strategic move into Bitcoin ETFs.
Goldman Sachs has increased its exposure to Bitcoin exchange-traded funds (ETFs), holding over $1.5 billion in these assets. According to Wu Blockchain, the firm disclosed in its latest regulatory filings that it owned $1.27 billion in BlackRock’s iShares Bitcoin Trust (IBIT) and $288 million in Fidelity’s Wise Origin Bitcoin Fund (FBTC) as of December 31, 2024. This investment represents an increase from the previous quarter, signaling the growing role of digital assets in traditional finance.
Goldman Sachs, the world's second-largest investment bank, has acknowledged for the first time in its 2024 annual shareholder letter the increasing significance of cryptocurrencies within financial markets. Goldman Sachs stated that the growth of electronic trading, alongside the…
— Wu Blockchain (@WuBlockchain) March 15, 2025
Goldman Sachs’ latest regulatory filings show a strong push into Bitcoin ETFs. The bank increased its holdings in IBIT by 88% from the previous quarter, now holding over 24 million shares.
It also expanded its position in FBTC by 105%, bringing its total shares to 3.5 million. These investments indicate a strategic move as traditional financial institutions navigate the evolving cryptocurrency market.
Furthermore, as reported by ETHNews, Goldman Sachs has been actively monitoring the digital asset space. It launched a crypto trading desk in 2021 and introduced a digital asset platform in 2022.
Despite regulatory uncertainties, the bank has continued to explore blockchain technology. It was one of the institutions that tested the blockchain-based Canton Network, signaling its interest in integrating distributed ledger technology into financial services.
Crypto Acknowledged in Goldman Sachs’ Annual Letter
For the first time, Goldman Sachs mentioned cryptocurrencies in its annual shareholder letter. The letter noted that digital assets are playing a larger role in financial markets, contributing to increased competition. It also stated that the rise of blockchain and distributed ledger technology is reshaping financial services.
While discussing the adoption of digital assets, the letter also highlighted potential risks. Goldman Sachs cautioned about cybersecurity threats and market fluctuations associated with financial products utilizing blockchain technology.
It stated that although the use and range of applications for distributed ledger technology, cryptocurrency, and related innovations are expanding, the technology remains in its early stages and could be susceptible to cyberattacks.
The firm also acknowledged the competitive challenges posed by digital assets. The letter stated that competitors might offer financial products that Goldman Sachs does not, including certain crypto-based assets. This suggests that while the bank expands its exposure to Bitcoin ETFs, it remains cautious about direct involvement in cryptocurrency markets.
CEO David Solomon’s Stance on Bitcoin
Goldman Sachs CEO David Solomon has maintained a skeptical stance on Bitcoin, referring to it as a speculative asset. In an interview, he said, “I’ve always said it’s a speculative investment. I don’t see a real use case.” However, he acknowledged that Bitcoin could be viewed as a store of value.
Despite the firm’s increasing exposure to Bitcoin ETFs, Solomon has reiterated that he does not consider Bitcoin a threat to the U.S. dollar. He also stated that regulatory developments determine whether Goldman Sachs expands into digital assets. In December 2024, he mentioned that the bank would “evaluate” its involvement in Bitcoin and Ethereum if regulations changed.
As the regulatory landscape evolves, Goldman Sachs positions itself in the digital asset sector through Bitcoin ETFs. The firm’s growing holdings indicate a shift in institutional investment strategies, even as traditional financial leaders remain cautious about direct engagement with cryptocurrencies.