Goldman Sachs, Morgan Stanley took stakes in US spot bitcoin ETFs in Q2, filings show
By Suzanne McGee
Aug 14 (Reuters) -Goldman Sachs GS.N. and Morgan Stanley MS.N purchased a total of more than $600 millionin spot bitcoin exchange-traded funds (ETFs) during the second quarter, regulatory filings showed on Wednesday.
The two banks joined a group of hedge funds and financial advisers that have waded into the products, which began trading in January 2024.
Goldman Sachs said in its quarterly disclosure to the Securities and Exchange Commission, known as a 13-F filing, that it had acquired about $418 million in several of the recently launched ETFs tied to the price of spot bitcoin.
Most of that sum reflected a stake of nearly 7 million shares inthe iShares Bitcoin Trust IBIT.O, valued at about $238 million as of the end of the quarter, June 30. Goldman also took sizeable stakes in the Fidelity Wise Origin Bitcoin ETF FBTC.O and the Invesco Galaxy Bitcoin ETF BTCO.Z, and smaller positions in several other bitcoin ETFs launched in January.
Morgan Stanley also favored BlackRock's iShares bitcoin ETF, disclosing a 5.5 million share stake that was valued at $188 million as of June 30. The bank also disclosed smaller holdings in the Ark 21Shares Bitcoin ETF ARKB.Z and Grayscale Bitcoin Trust GBTC.P.
The 13F filings are one of the few ways to get a snapshot of how institutional investors are positioned at the end of every quarter. The positions may not reveal current holdings.
While the latest round of filings show the array of institutions in bitcoin ETFs may be growing , ETF issuers and analysts have said that so far, the products have mostly been dominated by individual investors .
Neither bank could be reached for comment on whether their positions were acquired on behalf of clients or for each firm's own account.
Some of the hedge funds that had established positions in the bitcoin ETFs earlier this year adjusted their holdings over the course of the second quarter, filings showed.
New York-based Hunting Hill Global Capital trimmed its exposure to both the Grayscale and Fidelity ETFs, but as of June 30 had a $18.32 million stake in the Bitwise Bitcoin ETF BITB.P and acquired a new $25.6 million position in BlackRock's ETF.
Adam Guren, founder and CEO of Hunting Hill, said his firm is an active trader of bitcoin products. "At any given time our trading activity can vary, and therefore our positions may shift,” he said.
New York-based Millennium Management LLC disclosed that it cut its positions in three of the five bitcoin ETFs in which held stakes in the first quarter, while its exposure to the Ark 21Shares ETF was unchanged, and it increased holdings in the Bitwise product to nearly 2 million shares from about 1.2 million shares at the end of the first quarter.
Overall, the hedge fund had about $1.15 billion invested in the bitcoin ETFs at the end of the second quarter, down from the $2 billion it disclosed at the end of the first quarter. A spokesman for the firm declined to comment.
The price of bitcoin fell 12% during the quarter.
Reporting by Suzanne McGee; Editing by Ira Iosebashvili and Leslie Adler
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
