Analyst: Investors should not be overly optimistic about Goldman Sachs' ETF holdings, as its positions are merely for arbitrage trading and hedging
ChainCatcher news, CoinDesk senior analyst James Van Straten stated that Goldman Sachs sparked heated discussions on Twitter in the crypto space after disclosing its holdings of a small amount of spot Bitcoin ETF shares in its 13F filing, but the reality is not as people expected.First, these ETFs are not entirely a bet by Goldman Sachs' trading desk on the price of Bitcoin (BTC). These shares are almost certainly held by the bank's asset management division, Goldman Sachs Asset Management, for its clients.Second, while the filing (ownership snapshot as of December 31, 2024) shows it holds $288 million in shares of the Fidelity Bitcoin ETF (FBTC) and $1.3 billion in shares of the BlackRock Bitcoin ETF (IBIT), it also shows a nominal value of over $600 million in put option positions (as well as a small amount of call option positions).James stated, "Goldman's position is similar to many other banks and hedge funds and is not a net long position. It is a strategy that reflects underlying trading, also known as cash and arbitrage trading, balancing the potential profits and risks of Bitcoin price fluctuations. The ETF recently received options approval, so this is likely directional hedging."