Goldman Sachs Boosts Bitcoin Exposure by Nearly 90%

Goldman Sachs, a leading global investment bank, has significantly increased its Bitcoin exposure, according to its latest 13F filing with the U.S. Securities and Exchange Commission (SEC). The filing, dated February 12, 2025, reveals that the firm now holds $1.27 billion in the iShares Bitcoin Trust ETF (IBIT), totaling 24,077,861 shares. This marks an 88% increase from its previous filing covering July to September 2024. Additionally, Goldman Sachs disclosed a $288 million stake in the Fidelity Wise Origin Bitcoin Fund (FBTC), amounting to 3,530,486 shares — a 105% increase compared to the previous quarter.
The filing also showed that Goldman Sachs adjusted its crypto exposure by reducing or closing some smaller Bitcoin ETF positions. However, the firm reported holding IBIT call options valued at $157 million, IBIT put options worth $527 million, and FBTC put options valued at $84 million as of December 31, 2024.
Bitcoin spot ETFs recorded outflows on February 10, 2025, with some of the biggest exits coming from Fidelity Wise Origin Bitcoin Fund (FBTC) at $136.1 million, ARK 21Shares Bitcoin ETF (ARKB) at $34.0 million, and Grayscale Bitcoin Trust (GBTC) at $46.3 million, according to data from Farside Investors. Other ETFs, including Valkyrie Bitcoin Fund (BRRR) and VanEck Bitcoin Trust (HODL), also saw outflows, albeit on a smaller scale. The weekly data noted that the largest single-day outflows occurred on February 3, totaling $234.4 million. Since their launch, BlackRock’s iShares Bitcoin Trust (IBIT) has amassed 40,850 BTC, while Fidelity’s FBTC holds 12,644 BTC, and Bitwise Bitcoin ETF (BITB) has 2,315 BTC. However, Grayscale’s GBTC continues to see persistent outflows, now totaling 21,952 BTC, as investors rotate into lower-fee alternatives.
Goldman Sachs' increased Bitcoin exposure comes as the cryptocurrency market experiences a mix of growth and volatility. Despite recent market fluctuations, the bank's significant investment in Bitcoin ETFs signals a growing confidence in the asset's long-term potential. As institutional investors continue to explore the crypto space, Goldman Sachs' move may encourage other financial institutions to follow suit and increase their exposure to Bitcoin and other cryptocurrencies.
In conclusion, Goldman Sachs' nearly 90% increase in Bitcoin exposure, as evidenced by its significant holdings in Bitcoin ETFs, reflects the growing interest and confidence of institutional investors in the cryptocurrency market. As the regulatory environment evolves and the market matures, more financial institutions may choose to increase their exposure to Bitcoin and other cryptocurrencies, further driving the growth and adoption of digital assets.