Goldman Sachs Doubles Down on Crypto: Bitcoin and Ethereum ETF Purchases Surge
Goldman Sachs, a leading global investment bank, has significantly increased its exposure to the cryptocurrency market by making substantial purchases of Bitcoin and Ethereum exchange-traded funds (ETFs). The bank's latest moves indicate a growing institutional interest in digital assets, despite past criticism of the crypto sector.
In a recent development, Goldman Sachs has boosted its Ethereum ETF holdings by a staggering 2,000%, with the current value standing at $476 million. The bank's Bitcoin ETF investments have also seen a significant increase of 114%, reaching a total of $1.5 billion. These substantial purchases include shares in BlackRock's iShares Ethereum Trust and Fidelity's Bitcoin Fund.
The investment bank's decision to double down on crypto comes amidst strong market gains in both Bitcoin and Ethereum. In the fourth quarter of 2024, Bitcoin and Ethereum prices increased by 41% and 26% respectively, demonstrating the potential of the crypto market. Despite previous skepticism towards cryptocurrencies, Goldman Sachs' latest moves signal a shift in the bank's stance and a growing recognition of the opportunities presented by digital assets.

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