Goldman Sachs has announced a significant expansion of its cryptocurrency holdings, reporting an impressive total exposure of approximately $2.36 billion. This amount includes $1.1 billion invested in Bitcoin exchange-traded funds (ETFs), according to recent financial disclosures.
The bulk of Goldman Sachs’ crypto holdings are now in Bitcoin, making it the largest digital asset in its portfolio. This shift marks a notable change for the investment bank, which had previously expressed skepticism about the cryptocurrency market. The firm’s $1.1 billion stake resides in BlackRock’s iShares Bitcoin Trust ETF, indicating a strategic pivot toward substantial engagement with the leading cryptocurrency by market capitalization.
Further insights from the Securities and Exchange Commission (SEC) filings reveal additional smaller investments, such as approximately $35.8 million in Fidelity’s Wise Origin Bitcoin Fund, along with $92,000 in American Bitcoin and $57,000 in Bitcoin Depot. The filings also indicated that Goldman Sachs holds additional interests in various bitcoin mining and cloud-based companies, including hundreds of thousands in IBIT options.
Goldman’s journey into the world of Bitcoin began more than five years ago, characterized initially by cautious steps. The investment bank executed its first known BTC-backed loan and a non-deliverable Bitcoin options trade last year—both significant milestones signaling its strategic move into digital assets.
Historically, Goldman Sachs maintained a cautious stance on cryptocurrencies. For years, executives distanced the bank from associating with Bitcoin as a viable investment class. However, this posture began to change significantly in 2024 when the firm’s SEC filings surfaced, outlining its first substantial accumulation of Bitcoin ETFs with the likes of BlackRock’s IBIT and Fidelity’s Wise Origin Fund.
Institutional filings from that period suggested a rapid increase in Goldman’s Bitcoin ETF stake, nearly tripling within a span of months, catapulting its holdings to about $1.5 billion. This positioned Goldman as one of the largest institutional holders of Bitcoin ETFs currently.
Additionally, recent filings revealed that Goldman Sachs has also invested in other cryptocurrencies, including Ethereum, XRP, and Solana.
Simultaneously, Bitcoin is currently facing challenges in maintaining price stability above the crucial $70,000 threshold. After suffering a sharp selloff last week, the cryptocurrency dropped below both the $70,000 and $60,000 marks, eventually stabilizing near $60,000. Bulls managed to mount a robust recovery, pushing Bitcoin’s price back up to approximately $71,700 before closing the week around $70,315.
Despite this rebound, market sentiment remains predominantly bearish, with sellers exerting control over much of the recent downturn. Key resistance levels have shifted in light of the decline, with notable attention now on the $71,800 mark. Above this level, the 0.382 Fibonacci retracement indicates resistance near $74,500, while stronger barriers are anticipated at $79,000 and $84,000.
On the downside, bulls must defend the $65,650 and $63,000 levels to sustain a potential price reversal. The $60,000 mark has become crucial support, situated just above the 0.618 Fibonacci retracement level at $57,800, which might represent the true floor for Bitcoin’s price in the near term.
