Goldman Sachs and Morgan Stanley invested more than $600 million in spot Bitcoin exchange-traded funds (ETFs) during the second quarter of 2024, according to regulatory filings released Wednesday.
The filings, known as 13-Fs, reveal the holdings of institutional investors at the end of each quarter. Goldman Sachs disclosed investments totaling approximately $418 million in various Bitcoin ETFs. The majority of this sum was directed toward BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT), with nearly 7 million shares valued at around $238 million as of June 30.
The iShares Bitcoin Trust stands as the largest spot Bitcoin ETF by market capitalization, boasting $20 billion in assets under management. In addition to this significant holding, Goldman Sachs also held stakes in the Fidelity Wise Origin Bitcoin ETF, the Invesco Galaxy Bitcoin ETF (NYSE: BTCO), and smaller positions in other Bitcoin ETFs launched earlier in the year.
Morgan Stanley, similarly, showed a preference for BlackRock’s spot Bitcoin ETF. As of June 30, the bank held over 5.5 million shares of the iShares Bitcoin Trust, valued at nearly $188 million, positioning it as one of the top five shareholders of the ETF. The bank also maintained smaller positions in the ARK 21Shares Bitcoin ETF (NYSE: ARKB) and the Grayscale Bitcoin Trust (NYSE: GBTC). Notably, Morgan Stanley significantly reduced its GBTC holdings, slashing them to about $148,000 from $269.9 million in the previous quarter.
Neither Goldman Sachs nor Morgan Stanley specified whether these investments were made on behalf of clients or for their own accounts.
While these filings highlight an increasing institutional interest in Bitcoin ETFs, issuers note that these regulated crypto products have primarily been dominated by retail investors.
Hedge funds also made notable adjustments to their Bitcoin ETF portfolios during the quarter. Hunting Hill Global Capital, based in New York, reduced its exposure to Grayscale and Fidelity ETFs but maintained an $18.32 million stake in the Bitwise Bitcoin ETF (NYSE: BITB) and initiated a new $25.6 million position in BlackRock’s ETF.
Millennium Management LLC, another New York-based hedge fund, reduced its overall Bitcoin ETF holdings from $2 billion in the first quarter to $1.15 billion by the end of June, while simultaneously increasing its stake in the Bitwise ETF.
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