These major US banks bought spot Bitcoin ETFs in Q2 2024

The second quarter of 2024 ended with major U.S. banks offering institutional access to spot Bitcoin exchange-traded funds (ETFs).

Numerous second-quarter 13F filings with the U.S. Securities and Exchange Commission (SEC) showed that these Wall Street giants have purchased significant stakes in various spot bitcoin ETFs for their clients. In the coming months, these companies could purchase the ETFs and add them to their balance sheets.

US banks buy Bitcoin ETFs

First on the list is Goldman Sachs, the world’s second-largest investment bank by revenue. The institution reported spot holdings of Bitcoin ETFs totaling a whopping $418 million. The bank disclosed that it owns shares in several funds, including BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), and Grayscale’s Bitcoin Trust (GBTC).

Goldman Sachs’ investments also extended to funds from Ark Invest/21Shares, Invesco/Galaxy, Bitwise and WisdomTree. The largest holdings are in IBIT, at $238 million, followed by FBTC at $79.5 million.

Morgan Stanley is another Wall Street giant that has reported spot holdings in Bitcoin ETFs. Although the firm disclosed a $269 million investment in GBTC in the first quarter, its holdings were reduced to around $189.7 million by the end of June. GBTC shares were reduced to $148,000, while Ark Invest’s ARKB shares were worth a total of $1.6 million.

Interestingly, Morgan Stanley’s $188 million investment in IBIT made the firm the fifth-largest holder of shares in the fund. The bank also asked its financial advisors to offer Bitcoin ETFs to clients with net worth of more than $1.5 million.

Nakamoto’s holdings surpass

Other Wall Street giants such as Bank of America, HSBC and UBS reported smaller investments in spot bitcoin ETFs. Bank of America holds $5.3 million worth of shares, mainly in IBIT and FBTC, HSBC acquired $3.6 billion in ARKB and UBS reported around $300,000 in IBIT and other ETFs.

While Goldman Sachs, Bank of America, HSBC and UBS took their time buying Bitcoin ETFs for clients, some companies like Wells Fargo and JP Morgan jumped on the bandwagon shortly after the funds launched in the first quarter, albeit with minimal investment.

As more banks, hedge funds and heavyweights invest in spot Bitcoin ETFs, analysts believe the funds as a whole are on track to surpass Bitcoin creator Satoshi Nakamoto’s holdings by October.