Goldman Sachs and Morgan Stanley made significant investments in spot bitcoin exchange-traded funds (ETFs) during the second quarter of 2024, according to regulatory filings released on Wednesday. The two financial giants collectively purchased over $600 million worth of bitcoin ETFs, joining a growing number of hedge funds and financial advisers entering this market.
Goldman Sachs disclosed in its 13-F filing with the Securities and Exchange Commission that it acquired approximately $418 million in various bitcoin ETFs. This includes a nearly 7 million share stake in the iShares Bitcoin Trust, valued at $238 million as of June 30. The bank also invested in the Fidelity Wise Origin Bitcoin ETF and the Invesco Galaxy Bitcoin ETF, among others.
Similarly, Morgan Stanley favored BlackRock’s iShares Bitcoin ETF, revealing a 5.5 million share stake worth $188 million as of June 30. The bank also held smaller positions in the Ark 21Shares Bitcoin ETF and the Grayscale Bitcoin Trust.
These filings, which offer a glimpse into institutional investors’ portfolios at the end of each quarter, highlight the growing institutional interest in bitcoin ETFs. However, issuers and analysts note that individual investors still dominate the market.
Some hedge funds also adjusted their bitcoin ETF holdings in the second quarter. Hunting Hill Global Capital reduced its stakes in the Grayscale and Fidelity ETFs but acquired a new $25.6 million position in BlackRock’s ETF. Meanwhile, Millennium Management LLC cut its positions in three bitcoin ETFs but increased its holdings in the Bitwise product to nearly 2 million shares.