In a recent 13F filing, banking giant Goldman Sachs has revealed that it holds a whopping $419 million in Bitcoin exchange-traded funds (ETFs).
BlackRock's iShares Bitcoin Trust (IBIT) accounts for the lion's share of the aforementioned sum ($239 million).
Goldman Sachs also holds the shares of such products as Fidelity Wise Origin Bitcoin, Grayscale Bitcoin Trust, and so on.
As reported by U.Today, Goldman was added to the list of authorized participants for BlackRock's Bitcoin ETFs alongside Swiss investment bank UBS and American bank Citigroup.
However, Goldman Sachs is far from fully embracing crypto. Earlier this year, the Wall Street Journal reported that the major financial institution had not warmed up to crypto. CIO Sharmin Mossavar-Rahmani remains highly skeptical of cryptocurrencies, refusing to recognize them as an investment class. His skepticism mainly stems from his belief that it is challenging to determine the actual value of cryptocurrencies.
As reported by U.Today, Goldman Sachs CEO David Solomon revealed that he was bullish on blockchain in 2022.
In the meantime, Morgan Stanley, another American banking giant, recently allowed its financial advisors to pitch Bitcoin to clients. This could potentially set the stage for more substantial inflows in the second half of the year. However, the move has faced some criticism. Former SEC official John Reed Stark described the move as a "death wish" for the financial institution since Morgan Stanley might have subjected itself to "the largest SEC and FINRA examination sweep in history."
