Goldman Sachs recently submitted its 13F filing to the US SEC. According to the filing, the financial giant holds around $710 million worth of Bitcoin (BTC) ETFs as of Sept. 30, 2024.
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According to the report, Goldman Sachs holds $461 million in IBIT, an 83% increase from its previous report from August. The institution further holds $95.5 million in FBTC, a 13% increase; $71.8 million in GBTC, a 116% increase; $22.5 million in BITB, a 156% increase; and $59.7 million in BTCO, unchanged since the previous report.
The approval of 11 spot BTC ETFs earlier this year opened the doors for financial institutions to expose themselves to crypto without holding the underlying asset. The move led to BTC reaching a peak in March, a level that was crossed recently.
Will Bitcoin Continue Its Upward Momentum?
The increase in Goldman Sachs’ holdings highlights its bullishness on Bitcoin (BTC). Many had anticipated a rally if Donald Trump won the US Presidential election, which came to fruition. BTC hit an all-time high of $93,477.11 on Nov. 13, 2024. The asset has since fallen by 4.5%.
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A recent report by Standard Chartered predicted that BTC would hit $125,000 if Trump returned to the White House. A rally of about 40.11% would result if BTC hit $125,000 from current price levels.
According to CoinCodex, Bitcoin (BTC) will continue rallying over the next few weeks. The platform anticipates the original crypto to hit $108,031 on Dec. 13, 2024.
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Bitcoin (BTC) maximalist and Microstrategy CEO Micheal Saylor anticipates the asset hitting $100,000 before the end of this year. Microstrategy’s BTC ROI (return on investment) recently surpassed 100%.