Goldman Sachs has significantly increased its exposure to spot Bitcoin exchange-traded funds (ETFs), now holding $710 million across various Bitcoin ETFs, according to its latest SEC filing.

Among its investments, Goldman holds 12.7 million shares in BlackRock’s iShares Bitcoin Trust, valued at approximately $461 million, marking an impressive 83% increase from the previous quarter.

In addition to the BlackRock ETF, Goldman has raised its stakes in Fidelity’s Wise Origin Bitcoin ETF by 13%, Grayscale Bitcoin Trust by 116%, and Bitwise Bitcoin ETF by 156%.

With these investments, Goldman Sachs now ranks as the second-largest holder of the iShares Bitcoin Trust, following Millennium Management, which holds about $844 million in the fund.

Goldman's current holdings also include approximately $95.5 million in Fidelity's ETF, $71.8 million in Grayscale's Trust, and $59.7 million in Invesco's ETF, along with smaller amounts in other ETFs.

This surge in investment comes amid a record inflow of $33.5 billion into cryptocurrency investment products this year, with over $2.2 billion in the past week alone, coinciding with a market rally that pushed Bitcoin's price above $93,000.

According to CoinShares, total assets under management for cryptocurrency investment products have reached a record high of $138 billion as inflows continue to rise.

Despite the significant price rise of Bitcoin in 2024, data from IntoTheBlock shows that net outflows from major Bitcoin wallets have remained low, indicating strong confidence in Bitcoin's long-term potential.

This confidence is further supported by Bitcoin's largest holders, known as 'whales', who have continued to accumulate BTC during this price surge.