Goldman Sachs holds $1B in Bitcoin ETFs amid price slump

Goldman Sachs reported an exposure above $1 billion in Bitcoin in its fourth-quarter filing with the Securities and Exchange Commission on Tuesday.

Goldman's Bitcoin exposure is achieved through direct equity positions in BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin exchange-traded funds, rather than through the possession of the token itself.

Industry executives are acknowledging the investment bank's venture into Bitcoin.

Cryptocurrency is likely the sole domain where you had a head start over the banks', stated Changpeng Zhao, co-founder and former CEO of Binance, regarding the revelation.

Goldman Sachs holds $1B in Bitcoin ETFs amid price slump

David Solomon, CEO of Goldman Sachs, is scheduled to speak at the World Liberty Financial cryptocurrency symposium hosted by the family of US President Donald Trump at Mar-a-Lago, Florida, on February 18.

A multitude of investors, regulators, and U.S. senators is anticipated to be there.

Goldman's admissions occur as Bitcoin's price has plummeted 47% from its October apex. The value collapse has coincided with a $2 trillion contraction in the cryptocurrency sector since October.

The leading cryptocurrency is now trading at approximately $67,000 at the time of this writing.

Concurrently, equities and gold have had significant price surges, with the S&P 500 up roughly 4% since October.

Greg Magadini, director of derivatives at Amberdata, stated in an investor note published with DL News that Bitcoin's rebound from a low of over $60,000 on Friday “doesn't yet feel like a true capitulation.”

“The same individuals continue to occupy the same roles, and in the absence of a transfer of ownership to new stakeholders, a new cycle has not commenced,” Magadini stated.

Investors have sold off over $6 billion in spot Bitcoin ETFs since November, according to DefiLlama data.

On Thursday, BlackRock’s IBIT broke $10 billion in trading volume in the market crash, with most traders selling after negative economic data spooked markets.

Altcoins too

Goldman’s Tuesday filing also shows the firm is diving into altcoins, or alternative cryptocurrencies.

The firm has just over $1 billion in Ethereum ETFs, $152 million in XRP ETFs, and another $108 million in Solana ETFs.

Altcoins are faring even worse than Bitcoin, with Solana down some 73% from its peak.