Goldman Sachs Joins Morgan Stanley in Bitcoin ETF Holdings Amid Growing Institutional Interest: 13F Summary
Investment advisors, including major Wall Street firms like Goldman Sachs and Morgan Stanley, were among the largest holders of spot bitcoin (BTC) ETFs by the end of the second quarter, as client investments in cryptocurrency surged to a total of $4.7 billion.
Goldman Sachs reported holding $418 million worth of BTC for its clients as of June 30, according to a filing with the U.S. Securities and Exchange Commission. This relatively modest allocation comes despite the chief investment officer of the bank’s wealth management unit noting in April that client interest in the asset class was limited.
Morgan Stanley, which recently approved its brokers to offer BTC ETFs to clients, held $188 million in spot funds as of June 30. This marks an $87 million decline from the previous quarter.
Both Goldman Sachs and Morgan Stanley showed a preference for BlackRock’s iShares Bitcoin Trust (IBIT), currently the largest spot BTC ETF. They also invested in Fidelity’s Wise Origin Bitcoin ETF (FBTC), the Invesco Galaxy Bitcoin ETF (BTCO), and other offerings.
“The institutional adoption of spot bitcoin ETFs is clearly accelerating,” said Nate Geraci, president of the ETF Store. “Institutional investors typically have rigorous due diligence processes that can extend the adoption period for any investment. The speed at which they are embracing spot bitcoin ETFs is remarkable.”
Several well-known hedge funds also maintained positions in bitcoin ETFs, including Izzy Englander’s Millennium Management, which reduced its stake in a fund from 39,000 to 26,000 shares between quarters.
However, Paul Singer’s Elliott Management, which had disclosed a $12 million stake in BlackRock’s IBIT at the end of the first quarter, had completely exited this position by June 30.
The Wisconsin Pension Fund, another significant holder, doubled its IBIT position by purchasing an additional 447,651 shares in the last quarter. It also sold off all its shares in Grayscale’s BTC Trust (GBTC), which were valued at $63.7 million at the end of March. The state now holds 2,898,051 IBIT shares, worth $98.9 million as of June 30.
