Goldman Sachs Boosts Bitcoin ETF Holdings Amid Bullish Market Outlook

Goldman Sachs has recently disclosed a significant increase in its Bitcoin ETF holdings, according to its latest 13F filing with the U.S. SEC for the quarter ending September 30, 2024.

The financial institution now holds over $710 million in Bitcoin-related ETFs, marking a substantial expansion in its digital asset exposure. Among its investments, Goldman Sachs has increased its stake in IBIT by 83%, bringing its total to $461 million. Other holdings include $95.5 million in FBTC (a 13% increase), $71.8 million in GBTC (up 116%), $22.5 million in BITB (a 156% rise), and $59.7 million in BTCO, which has remained stable since the last filing.

This surge in Bitcoin ETF investments from Goldman Sachs aligns with the broader trend of institutional interest in cryptocurrency, especially after the approval of 11 spot Bitcoin ETFs earlier this year. The approval allowed institutions to gain exposure to Bitcoin without directly holding the asset, which has coincided with the cryptocurrency’s bullish performance.

Bitcoin recently achieved a peak price of $93,477.11 in November 2024, following the speculation surrounding a potential rally if Donald Trump were to win the U.S. presidential election, though it has since seen a slight pullback.

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Optimism around Bitcoin’s price trajectory remains high, with various forecasts predicting significant future gains. A report from Standard Chartered suggests that when Trump will return to the White House, Bitcoin could surge to $125,000, representing a 40% increase from its current level. Additionally, CoinCodex anticipates Bitcoin reaching $108,031 by December 2024.

Bitcoin proponents, like MicroStrategy’s CEO Michael Saylor, also share a positive outlook, predicting that Bitcoin could surpass $100,000 before the end of this year. MicroStrategy’s own Bitcoin holdings have already yielded more than a 100% return on investment, further solidifying the company’s belief in the asset’s long-term potential.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.