Goldman Sachs maintains an excess of $400 million in Bitcoin exchange-traded funds (ETFs)

A recent 13F filing by the investment bank indicates that it possesses bitcoin ETFs valued at more than $400 million.

The iShares Bitcoin Trust (IBIT) is its largest holding, with $238.6 million. Fidelity’s Bitcoin ETF (FBTC) accounts for $79.5 million, Invesco Galaxy’s BTC ETF (BTCO) is worth $56.1 million, and Grayscale’s GBTC is worth $35.1 million. Additionally, it occupies lesser roles in ARKB, BTCW, and BITB.

According to SoSoValue, BTC ETF flows remained positive during the U.S. Tuesday trading day, with a daily inflow of $4.39 million.

Mathew McDermott, the global director of digital assets at the bank, stated that the BTC ETFs were a “significant psychological turning point” for the industry during CoinDesk’s Consensus 2024 festival in Austin.

McDermott stated on stage, “The bitcoin ETF has been an extraordinary triumph.” The digitization of assets is the primary objective of Goldman Sachs’ digital asset division.

Additionally, he stated during Consensus, “Institutions such as ours recognize the potential for it to revolutionize the financial system by enabling certain components to operate more efficient.”

Goldman Sachs has previously stated that its clients were not interested in cryptocurrency. According to Sharmin Mossavar-Rahmani, the chief investment officer of the bank’s Wealth Management unit, “We do not believe it is an investment asset class,” as reported by the Wall Street Journal in April. “We are not crypto enthusiasts.”

Also Read: Coinbase pushes SEC to repeal ‘fundamentally flawed’ DeFi regulation