Goldman Sachs Doubles Down on Bitcoin—IBIT Holdings Surge to $1.4B Amid Crypto Rally

Wall Street’s golden child just added rocket fuel to its crypto bet—Goldman Sachs hikes Bitcoin exposure by 28% in Q2 2025, now parking a cool $1.4 billion in BlackRock’s IBIT. Guess those ’digital gold’ skeptics in the boardroom finally checked the price charts.

Behind the move: Institutional FOMO hits critical mass as spot BTC ETFs swallow assets faster than a hedge fund liquidating meme stocks. The IBIT pile-up makes Goldman one of the biggest whales in the ETF game—right as Bitcoin smashes through $100K.

Bonus cynicism: Nothing cures Wall Street’s blockchain allergy like 12 straight months of outperforming their precious commodities desk.

Other notable IBIT investors include Jane Street, D.E. Shaw, and Symmetry Investments, reflecting the growing confidence of hedge funds and trading firms in the Bitcoin ETF market.

Goldman Sachs sticks with Fidelity’s Bitcoin fund

Goldman Sachs has already revealed a big position in a number of the US spot Bitcoin ETFs. In his February filing, he listed over $1.5 billion in several Bitcoin ETF products. That figure included $1.2 billion in IBIT and $288 million in  Fidelity’s spot Bitcoin fund (FBTC).

Bank of America continues to be fair value. The latest 13F release from Goldman Sachs shows the bank has made no major changes to its portfolio in FBTC. However, the lack of any Bitcoin options contracts is striking.

By December 2023, the bank owned more than $157 million in call options and more than $527 million in put options on IBIT, a hedged position that WOULD provide gains from price swings. It also had $84 million in put on FBTC.

As market volatility and risk appetite changed, those positions are not listed in the latest report, indicating that Goldman may have eliminated those contracts or let them expire.

IBIT continues to dominate ETF market

IBIT has quickly become the largest of the spot Bitcoin ETFs for BlackRock. As of May early 2025, it has about $62.8 billion in assets under management, Farside Investors figures show.

Since starting the fund, IBIT has taken in over $44 billion in net inflows — a historic clip for any ETF, crypto or not. The fund has $674 million in new inflows so far this week.

On Friday, shares of IBIT climbed by $1.04 to close at $58.66. The price jump tracks a higher rebound for Bitcoin over the past month amid a broader stabilization above $60,000.

Analysts think that Goldman’s growing exposure suggests increasing institutional confidence in the long-term value of Bitcoin—specifically through regulated vehicles like ETFs. These funds allow regular investors to get in on crypto without dealing with self-custody or unregulated exchanges.

Goldman’s expanding presence in the Bitcoin ETF realm is viewed by many as a powerful vote of confidence — not just in Bitcoin but in the development of financial products that facilitate broader access to digital assets.

The MOVE also reflects a bigger shift: Wall Street is increasingly weaving digital assets into standard investment portfolios, particularly as several spot Bitcoin ETFs were greenlit by US regulators recently.

As institutional inflows are anticipated to increase and regulatory clarity continues to take shape, the Bitcoin ETF landscape may still have room for growth. For the moment, Goldman Sachs is in the lead.

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