Goldman Sachs, Morgan Stanley purchase $600 million in Bitcoin ETFs in Q2

starcrypto — Goldman Sachs and Morgan Stanley invested greater than $600 million in spot exchange-traded funds (ETFs) throughout the second quarter of 2024, in response to regulatory filings launched on Wednesday. 

The filings, referred to as 13-Fs, present insights into positions held by institutional buyers on the finish of every quarter.

Goldman Sachs reported that it acquired roughly $418 million in numerous bitcoin ETFs. The majority of this funding was in BlackRock (NYSE:) iShares Bitcoin Belief (NASDAQ:), with almost 7 million shares valued at round $238 million as of June 30. 

The IBIT is the biggest spot Bitcoin ETF by market capitalization, with $20 billion in belongings underneath administration.

The financial institution additionally held stakes within the Constancy Sensible Origin Bitcoin ETF, the Invesco Galaxy Bitcoin ETF (NYSE:), and smaller positions in different bitcoin ETFs launched earlier within the 12 months.

Morgan Stanley additionally favored BlackRock’s spot Bitcoin exchange-traded fund (ETF). As of June 30, the funding financial institution held over 5.5 million shares of the iShares Bitcoin Belief, valued at almost $188 million, making it one of many high 5 shareholders of the ETF. 

Morgan Stanley had smaller holdings within the ARK 21Shares Bitcoin ETF (NYSE:) and the Grayscale Bitcoin Belief (NYSE:). Notably, the financial institution made a giant reduce in its GBTC holdings, lowering it to about $148,000 from $269.9 million final quarter, in response to its newest submitting. 

Neither Goldman Sachs nor Morgan Stanley disclosed whether or not these positions have been acquired on behalf of purchasers or for their very own accounts.

Whereas these filings counsel rising institutional curiosity in bitcoin ETFs, the regulated crypto merchandise have primarily been dominated by retail buyers, in response to ETF issuers. 

A number of hedge funds adjusted their bitcoin ETF holdings throughout the quarter. New York-based Looking Hill World Capital diminished its publicity to Grayscale and Constancy ETFs however held an $18.32 million stake within the Bitwise Bitcoin ETF (NYSE:) and purchased a brand new $25.6 million place in BlackRock’s ETF. 

Millennium Administration LLC, one other New York-based hedge fund, reduce down its general bitcoin ETF holdings from $2 billion within the first quarter to $1.15 billion by the top of June, whereas rising its stake within the Bitwise ETF.