Goldman Sachs (GS) Discloses Surprise Investment in Spot Bitcoin (BTCUSD) Exchange-Traded Funds (ETFs)

Goldman Sachs (GS), a traditional Wall Street firm considered a bitcoin skeptic, has disclosed a surprising investment in a recent regulatory filing—shares of

Goldman Sachs (NYSE:GS), a traditional Wall Street firm, has disclosed an interesting investment in a recent regulatory filing — shares of seven U.S.-based spot bitcoin (BTCUSD) exchange-traded funds (ETFs).

According to a 13F filing made Tuesday, Goldman Sachs reported holding shares in seven out of 11 bitcoin ETFs, with a total value of approximately $418.65 million in these assets as of June 30.

It is unclear if these holdings were accumulated at the direction of private clients. Attempts to reach Goldman Sachs for further comment were unsuccessful.

Goldman's Bitcoin ETF FootprintUncovered by Blockworks Pro institutional data, the largest spot bitcoin ETF position in the Goldman Sachs filing was nearly 7 million shares in BlackRock's (NYSE:BLK) iShares Bitcoin Trust (NYSEARCA:IBIT), valued at $238.6 million.

Among other holdings, the investment bank also had:

1.5 million shares of Fidelity's Wise Origin Bitcoin ETF (NYSE:FBTC), valued at about $52.2 million.

Roughly 940,000 shares of Invesco Galaxy Bitcoin ETF (NASDAQ:BTCO), valued at nearly $32.6 million.

These three positions, among the seven disclosed in the 13F filing, together account for over 300,000 bitcoin ETF shares valued at more than $323 million.

To be sure, 13F filings should be read with some caution. They only show holdings and their value as of the reporting date, June 30 in this case, and offer no indication of any transactions made since. They also don't disclose any short positions, which may not provide the complete picture about an institutional manager's overall investment strategy.

This filing comes a few days after another wirehouse made headlines for allowing its advisors to pitch bitcoin ETF investments to clients on an unsolicited basis. That was a big move for a traditional brokerage firm which typically had shied away from openly offering such products to clients.

Goldman's Been Wary of BitcoinIn the past, top Goldman Sachs executives have been skeptical about the investment case for bitcoin.

Back in April, Goldman Sachs Wealth Management Group Chief Investment Officer Sharmin Mossavar-Rahmani expressed skepticism about crypto as an asset class in an interview with The Wall Street Journal.

“We still have a hard time viewing crypto as an asset class,” she said, adding that the firm is “not recommending that clients go out and buy bitcoin.”

More recently, Goldman Sachs CEO David Solomon told CNBC that bitcoin could very well act as a store of value, similar to gold; and that he believes there may be value in the technology behind it to better the financial systems, but that's "that’s different in speculating whether Bitcoin is going to be $70,000, $30,000, or $120,000."

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