After years of bashing cryptocurrencies, US investment bank Goldman Sachs has admitted it was wrong about the asset class. Not in words, but with actions. The investment giant, which manages nearly $3 trillion in client assets,

The financial firm held about $1.3 billion of BlackRock’s Bitcoin ETF shares and $300 million of Fidelity’s. Exchange-traded funds let investors gain exposure to an asset with

The bank's clients are likely involved in the basis trade, rather than making a directional bet, said an analyst.

In a recent 13F filing, Goldman Sachs disclosed increasing its Bitcoin holdings in the last quarter of 2024. The major growth of the BTC portion in the bank’s portfolio was immediately noticeable compared to the previous quarter.

U.S. spot Bitcoin ETFs hold $111.78 billion in BTC or 5.92% of its market cap. Goldman Sachs holds $1.27 billion in BlackRock’s BTC ETF and