Goldman Sachs Group, Inc. (GS.US) significantly increases its exposure to Bitcoin, with holdings increasing by nearly 90%.

According to the latest 13F filing submitted by Goldman Sachs Group, Inc. (GS.US) to the U.S. Securities and Exchange Commission (SEC), one of the world's largest investment banks, Goldman Sachs Group, Inc., has significantly increased its holdings of Bitcoin exchange-traded funds (ETFs). The filing, dated February 12, covers the fourth quarter of 2024, and shows that the company currently holds 24,077,861 shares of the iShares Bitcoin Trust ETF (IBIT), with a total value of $1.27 billion. This is an 88% increase from the previous filing (for the period from July to September 2024). The iShares Bitcoin Trust ETF allows institutional investors to gain exposure to Bitcoin without directly holding the asset. Additionally, Goldman Sachs Group, Inc. disclosed holdings of $288 million in shares of the Fidelity Wise Origin Bitcoin Fund (FBTC), totaling 3,530,486 shares, a 105% increase from the previous quarter. The Fidelity Wise Origin Bitcoin Fund also tracks the price of Bitcoin, providing institutional investors with a regulated way to invest in digital assets. The filing also shows that Goldman Sachs Group, Inc. has adjusted its cryptocurrency exposure by reducing or closing out some smaller Bitcoin ETF derivative positions. However, as of December 31, 2024, the company reported holdings of $157 million worth of IBIT call options, $527 million worth of IBIT put options, and $84 million worth of FBTC put options. According to data from Farside Investors, on February 10, there was a total outflow of $186.3 million from Bitcoin spot ETFs, with the largest withdrawals coming from Fidelity Wise Origin Bitcoin Fund (FBTC), with an outflow of $136.1 million, ARK 21Shares Bitcoin ETF (ARKB) with an outflow of $34 million, and Grayscale Bitcoin Trust (GBTC) with an outflow of $46.3 million. Other ETFs, including Valkyrie Bitcoin Fund (BRRR) and VanEck Bitcoin Trust (HODL), also experienced outflows, although on a smaller scale. Weekly data shows that the largest single-day outflow occurred on February 3, totaling $234.4 million. Since its launch, BlackRock, Inc.'s iShares Bitcoin Trust (IBIT) has accumulated 40,850 Bitcoins, while Fidelity's FBTC holds 12,644 Bitcoins, and Bitwise Bitcoin ETF (BITB) holds 2,315 Bitcoins. However, as investors turn to lower-cost alternatives, Grayscale's GBTC continues to experience sustained outflows, currently totaling 21,952 Bitcoins.