BTC: After Morgan Stanley, Goldman Sachs joins the list of titans holding Bitcoin ETFs
- Financial giants Goldman Sachs and Morgan Stanley reveal their exposure to BTC ETFs in Q2, holding $418 million and $188 million in Bitcoin ETFs, respectively.
- Both institutions are primarily focused on BlackRock's iShares Bitcoin Trust (IBIT), the largest Bitcoin ETF, while diversifying their portfolios with other funds.
- Institutional investor adoption of Bitcoin ETFs is accelerating, with pension funds like the Wisconsin Pension Fund doubling its stake in BlackRock's IBIT.
Institutional interest in the Bitcoin Spot ETF continues to grow, with Wall Street giants such as Goldman Sachs And Morgan Stanley which increase their exposure to these products.
According to a recent report submitted to the U.S. Securities and Exchange Commission, investment advisers held Over $4.7 Billion in Bitcoin ETFs by the end of the second quarter of 2024.
Goldman Sachs and Morgan Stanley on the front line
Goldman Sachs said Hold $418 Million in Bitcoin ETFs on behalf of its clients as of June 30, despite reservations expressed by some bank officials regarding their clients' limited interest in cryptocurrencies.
This allocation, although modest, marks a notable step forward for such an influential institution. For its part, Morgan Stanley revealed a $188 million stakeslightly down compared to $275 million held three months earlierhaving mainly liquidated its positions in Grayscale GBTC.
BlackRock ETFs Predominance
Both institutions have concentrated a much of their investment in the iShares Bitcoin Trust (IBIT) of BlackRocknow the largest Bitcoin ETF on the market. However, they have also diversified their portfolios by acquiring shares in other funds, including the Wise Origin Bitcoin ETF of Fidelity and the Invesco Galaxy Bitcoin ETF.
Accelerated adoption of institutions
Institutional investors are typically very rigorous in their due diligence processes, which can lengthen the adoption period for any type of investment.
The speed at which they are moving into Bitcoin ETFs is impressive.
The acceleration of Bitcoin ETF adoption by institutions is striking. Nate Geracichairman of the ETF Store, highlighted the speed with which institutional investors have turned to these products.
Pension fund and hedge fund movement
Pension funds and hedge funds have also increased or adjusted their positions in the Bitcoin ETF. THE Wisconsin Pension Fund a, for example, doubled its stake in BlackRock's IBITbringing its holdings to nearly $99 million by the end of June. In contrast, the fund liquidated all of its shares in the Grayscale Bitcoin Trust, worth $63.7 million at the end of the first quarter.
Without investing directly in Bitcoin ETFTHE National Pension Service of South Korea revealed $34 million investment in stocks MicroStrategy.
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