13F reporting is a regulation that requires investors to regularly disclose the stocks and other investment instruments they own in publicly traded companies. This statement from Goldman Sachs more clearly reveals the investment bank’s role and approach in cryptocurrency markets.

The notice stated that Goldman Sachs owns approximately 7 million shares in BlackRock’s iShares Bitcoin Trust fund. The total value of these shares exceeds $238 million.

BlackRock’s iShares Bitcoin Trust offers investors looking to invest in Bitcoin the opportunity to gain exposure to the performance of these assets without directly owning the cryptocurrencies.

Additionally, Goldman Sachs reportedly owns 1.5 million shares of the Fidelity Wise Origin Bitcoin ETF, which is currently worth approximately $80 million. Besides this, Goldman Sachs also holds 940,443 shares of Invesco Galaxy Bitcoin ETF with a market value of $56.19 million.

Goldman Sachs’ interest in Bitcoin ETFs contrasts with the investment bank’s past stance on cryptocurrencies. For many years, many Goldman Sachs executives viewed cryptocurrencies as very different and risky from traditional investment instruments.

For example, in April 2024, Goldman Sachs’ chief investment officer Sharmin Mossavar-Rahmani stated that she did not see cryptocurrencies as an investment asset class and stated that Goldman Sachs were not “believers in crypto.” These statements showed that Goldman Sachs took a hesitant stance on cryptocurrency markets.

However, the fact that crypto ETFs offer investors access to cryptocurrencies without directly owning assets has increased interest in the cryptocurrency sector for many traditional financial institutions. Recently, many large financial institutions and investors aim to benefit from the potential in this sector by investing in cryptocurrency ETFs.

According to data from Coinglass, the total market value of Bitcoin ETFs reached 57.39 billion dollars, while the total asset value under management was recorded as 48.74 billion dollars.

BlackRock’s IBIT ETF has generated total inflows of more than $20 billion since its launch in January 2024, according to ETF Prime host Nate Geraci. Interest in crypto ETFs has increased, especially with more than 600 institutional investors directing some of their funds to these funds.

In an interview with FOX Business in 2023, Goldman Sachs’ head of digital assets stated that the approval of spot crypto ETFs would increase liquidity and pave the way for large institutional investors, especially pension funds, to invest in cryptocurrencies.

In this context, the Michigan State Retirement System also announced that it invested $6.6 million in ARK 21Share’s spot BTC ETF. These investments by Goldman Sachs in crypto ETFs show that the investment bank is following changes in the industry and is starting to have a more positive attitude towards cryptocurrencies.