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"Goldman Sachs Doubles Down on Crypto: $1.5B Bitcoin Bet"

Coin WorldFriday, Feb 14, 2025 4:17 pm ET

1min read

Goldman Sachs, a leading global investment bank, has significantly increased its exposure to cryptocurrencies, particularly Bitcoin (BTC) and Ether (ETH), through exchange-traded funds (ETFs). The bank's regulatory filings with the U.S. Securities and Exchange Commission (SEC) reveal that Goldman purchased nearly $1.28 billion worth of iShares Bitcoin Trust (IBIT) and $288 million worth of the Fidelity Wise Origin Bitcoin Fund in the fourth quarter of 2024. Additionally, the filings show that Goldman holds $3.6 million worth of the Grayscale Bitcoin Trust (GBTC).

During the same quarter, Goldman's exposure to Ether ETFs grew from $22 million to $476 million through investments in BlackRock's iShares Ethereum Trust and the Fidelity Ethereum Fund. The investment bank's 13F filing also shows holdings of $234.7 million worth of Fidelity's Ethereum ETF. This significant increase in crypto exposure suggests a shift in Goldman Sachs' stance on digital assets, marking a stark contrast to its previous skepticism.

Goldman Sachs' initial foray into crypto ETFs occurred in the second quarter of 2024, when it purchased $418 million worth of Bitcoin funds. The bank's buying spree in the fourth quarter may have been influenced by the election of pro-crypto President Donald Trump, who has pledged to transform the United States into the world's blockchain capital.

In other news, Bitcoin treasurer Metaplanet has seen its stock price surge by nearly 4,800% over the past 12 months, coinciding with the company's first Bitcoin purchase in April 2024. As of January 28, 2025, Metaplanet had acquired 1,762 BTC, worth about $171 million. The company plans to hold up to 21,000 BTC by the end of 2026, which could make it the world's second-largest Bitcoin treasurer behind Michael Saylor's Strategy. Metaplanet aims to raise up to 116 billion yen, or $745 million, to finance further Bitcoin purchases.

Metaplanet is not the only publicly listed Japanese company to acquire Bitcoin. This week

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