Investing.com — Goldman Sachs and Morgan Stanley invested more than $600 million in exchange traded funds (ETFs) in the second quarter of 2024, according to regulatory filings published Wednesday.
These documents, known as 13-Fs, provide insight into positions held by institutional investors at the end of each quarter.
Goldman Sachs said it has acquired about $418 million in various bitcoin ETFs. The bulk of that investment was in BlackRock (NYSE:) iShares Bitcoin Trust (NASDAQ:) with nearly 7 million shares valued at about $238 million as of June 30.
IBIT is the largest bitcoin ETF by market capitalization, with $20 billion in assets under management.
The bank also had stakes in the Fidelity Wise Origin Bitcoin ETF and the Invesco Galaxy Bitcoin ETF (NYSE:) and smaller positions in other bitcoin ETFs launched earlier this year.
Morgan Stanley has also favored BlackRock’s spot Bitcoin exchange-traded fund (ETF). As of June 30, the investment bank owned more than 5.5 million shares of the iShares Bitcoin Trust, valued at nearly $188 million, making it one of the ETF’s five largest shareholders.
Morgan Stanley had smaller stakes in ARK 21Shares Bitcoin ETF (NYSE:) and Grayscale Bitcoin Trust (NYSE:) . Notably, the bank took a gigantic cut in its GBTC holdings, reducing them to about $148,000 from $269.9 million in the previous quarter, according to its latest filing.
Neither Goldman Sachs nor Morgan Stanley disclosed whether the positions were purchased on behalf of clients or for their own account.
While these documents indicate growing institutional interest in Bitcoin ETFs, ETF issuers believe regulated cryptocurrency products are primarily dominated by retail investors.
Several hedge funds adjusted their bitcoin ETF holdings during the quarter. New York-based Hunting Hill Global Capital reduced its holdings in Grayscale and Fidelity ETFs, but maintained its $18.32 million in Bitwise Bitcoin ETF (NYSE:) and acquired a up-to-date $25.6 million position in BlackRock ETF.
Millennium Management LLC, another New York-based hedge fund, reduced its total holdings in bitcoin ETFs from $2 billion in the first quarter to $1.15 billion in slow June, while also increasing its stake in Bitwise ETF.
