The holdings of U.S. Bitcoin spot ETFs are growing rapidly and appear to be expected to surpass Satoshi Nakamoto in October 2024. Asset management giant Goldman Sachs holds a large number of these ETFs, among which BlackRock's IBIT has attracted much attention, reflecting the impact of crypto assets. strong demand.
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ToggleGoldman Sachs’ Bitcoin spot ETF investment list: $400 million
According to the second quarter 13F filing submitted by Goldman Sachs to the U.S. Securities and Exchange Commission (SEC) yesterday, the company holds approximately US$418 million in U.S. Bitcoin spot ETF positions, the largest of which is BlackRock’s IBIT. A total of 1.51 million shares valued at $238.6 million.
Fintel data shows that this will make Goldman Sachs the third largest holder of IBIT funds, behind hedge fund company Millennium and Europe's fourth largest asset management company Capula.
At the same time, the asset management giant also invested in Fidelity's FBTC, Invesco's BTCO, Grayscale's GBTC, and Bitwise's BITB, holding US$79.5 million, 56.1 million, 35.1 million and 8.3 million US dollars respectively.
It is reported that investment institutions that manage more than US$100 million in assets must submit 13F documents to the SEC every quarter to provide quarterly information on their long-term equity and option positions, but do not include short positions.
Will the BTC holdings in the US ETF market surpass Satoshi Nakamoto?
As institutional and retail investor interest in U.S. Bitcoin investment products continues to grow, the market has seen tens of millions to hundreds of millions of dollars pour in every week in the first two months of its launch this year.
In this regard, Bloomberg ETF analyst Eric Balchunas said that the total holdings of all Bitcoin spot ETFs on the market have reached 909,700 BTC (worth approximately US$55.1 billion). SoSoValue data shows that this number already accounts for 4.6% of Bitcoin’s market capitalization.
He pointed out that the total holdings of these ETFs are approaching the holdings of Bitcoin inventor Satoshi Nakamoto, who is estimated to hold 1.1 million BTC (worth approximately $67 billion):
Not realizing that U.S. ETF holdings are on the verge of surpassing Satoshi Nakamoto in terms of Bitcoin holdings, with BlackRock alone already in third place and on track to become number one next year, and likely stay there for a long time.
He added, “According to the current growth rate of ETF inflows of approximately 37,000 BTC per month, it is expected that the BTC holdings in the US ETF market will surpass Satoshi Nakamoto in January next year.”
However, Balchunas also emphasized that "this time may come earlier at any time, and we can see it as soon as October this year."
As the first miner of the Bitcoin network, Satoshi Nakamoto is generally believed to hold approximately 1 million to 1.1 million BTC, dispersed in more than 20,000 wallets, and these Bitcoins have not been transferred for decades.
On the other hand, BlackRock's IBIT, as the largest Bitcoin ETF, manages more than $20.36 billion in Bitcoin and has become the market leader.
