Goldman Sachs Joins Morgan Stanley in Holding Bitcoin ETFs as Institutional Interest Grows: 13F Wrap

Investment advisors held more than $4.7 billion worth of U.S.-based spot bitcoin exchange-traded funds as of the end of the second quarter.

Investment advisors, including Wall Street giants Goldman Sachs and Morgan Stanley, held the largest stakes in spot bitcoin (BTC) exchange-traded funds (ETFs) at the end of the second quarter, as clients increased their crypto allocations to a total of $4.7 billion.

Goldman Sachs held $418 million worth of bitcoin on behalf of its clients in the months leading up to June 30, according to a filing with the U.S. Securities and Exchange Commission. The modest customer allocation comes after the chief investment officer of the bank's wealth management unit told the Wall Street Journal in April that the bank's clients weren't showing a lot of interest in the asset class.

Morgan Stanley – which reportedly just gave the green light for its brokers to offer the bitcoin ETFs to clients – held $188 million worth of the spot funds on June 30, an $87 million decline from three months earlier.

Both Wall Street powerhouses favored BlackRock's iShares Bitcoin Trust (IBIT), now the largest of the spot ETFs, but they also purchased shares of Fidelity's Wise Origin Bitcoin ETF (FBTC) and the Invesco Galaxy Bitcoin ETF (BTCO) as well as some of the other offerings.

“It's clear that institutional adoption of spot bitcoin ETFs continues to accelerate,” said Nate Geraci, president of the ETF Store. “Generally speaking, institutional investors tend to have extremely rigorous due diligence processes which can lengthen the adoption period for any type of investment. The speed at which institutional investors are wading into spot bitcoin ETFs is astounding.”

A small number of well-known hedge funds continued with stakes in the bitcoin ETFs, among them Izzy Englander's Millennium Management, even though it trimmed its stake in [which fund] to 26,000 shares worth [dollar amount] from 39,000 worth [dollar amount] the previous quarter.

Notably, however, Paul Singer's Elliott Management – which disclosed a $12 million stake in the BlackRock's IBIT at the end of the first quarter – had totally exited that position by this latest June 30 reporting date.

Another holder of interest at the end of the first quarter was the Wisconsin Pension Fund, which in the last quarter doubled down on its IBIT position as it purchased an additional 447,651 shares of the fund. It also got rid of all of its shares of Grayscale's Bitcoin Trust (GBTC) which were worth $63.7 million at the end of March. The state now owns 2,898,051 shares or $98.9 million as of the end of June.

The 13F filings provide a glimpse into the U.S.-based equity and ETF holdings of investment advisors with at least $100 million in assets under management. The filings do not include holdings in foreign securities, private equity, hedge funds, commodities, currencies or any other types of investments.

The dollar amounts shown in the tables below are based on the closing prices of the ETFs on June 30.

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