Source: Cointelegraph Original: "{title}"

After years of criticizing cryptocurrencies, the American investment bank Goldman Sachs has admitted that its view on this asset class was wrong. Not just verbally, but in action.

The investment giant, which manages nearly $30 trillion in client assets, is heavily buying Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs). In just a few months, the investment bank's Ethereum holdings increased by 2000%, while its Bitcoin ETF holdings rose by 114%.

Goldman Sachs' "big turnaround" on digital assets reminds cryptocurrency advocates of a saying: "First they ignore you, then they laugh at you, then they fight you, and then you win."

This week's Crypto Biz newsletter discusses Goldman Sachs' capitulation to cryptocurrency, Japanese companies scooping up Bitcoin, and the surge in stablecoin adoption this year. Despite the decline in cryptocurrency prices so far in February, institutional adoption has clearly risen.

According to regulatory filings submitted to the U.S. Securities and Exchange Commission, Goldman Sachs purchased nearly $1.28 billion worth of iShares Bitcoin Trust (IBIT) and $288 million worth of Fidelity Wise Origin Bitcoin Fund in the fourth quarter of 2024. The documents show that Goldman Sachs also holds $3.6 million worth of Grayscale Bitcoin Trust (GBTC).

In the same quarter, Goldman Sachs' holdings in Ethereum ETFs through BlackRock's iShares Ethereum Trust and Fidelity Ethereum Fund increased from $22 million to $476 million.

Goldman Sachs' 13F filing shows holdings worth $234.7 million in Fidelity Ethereum ETF. Source: SEC

The investment bank first ventured into cryptocurrency ETFs in the second quarter of 2024, when it purchased $418 billion worth of Bitcoin funds. The company's buying spree in the fourth quarter may have been triggered by the election of pro-cryptocurrency President Donald Trump, who promised to transform the U.S. into the world's blockchain capital.

Since adding BTC to its balance sheet, the stock price of Bitcoin financial company Metaplanet has soared. According to Bloomberg, the company, listed in Tokyo, has seen its stock rise nearly 4800% over the past 12 months. These gains coincide with the company's first purchase of Bitcoin in April 2024. As of January 28, 2025, the company had acquired 1,762 Bitcoins, worth approximately $171 million. Metaplanet plans to hold up to 21,000 BTC by the end of 2026, making it the second-largest Bitcoin financial company globally, after Michael Saylor's Strategy Company. This ambitious plan includes raising up to 116 billion yen (approximately $745 million) to purchase more Bitcoin.

Over the past year, Metaplanet's stock has skyrocketed. Source: Bloomberg

Metaplanet is not the only Japanese listed company acquiring Bitcoin. This week, Tokyo-listed game studio Gumi announced a 1 billion yen allocation to BTC, equivalent to about $6.6 million at current exchange rates. The company intends to inject the newly acquired Bitcoin into the digital asset equity protocol Babylon. Gumi stated that the acquisition of BTC supports its broader ambitions in the blockchain and Web3 space, which include "expanding our portfolio in node management." Gumi also operates a Silicon Valley venture capital fund that invests in early-stage blockchain projects.

The cryptocurrency bull market has driven a surge in the use of stablecoins, with Circle's USD Coin (USDC) fully rebounding from the bear market lows of 2023. As of February 12, the market capitalization of USDC exceeded $56.1 billion, more than double the $24.1 billion low in November 2023. The circulating value of USDC has also increased by 23% since early January. As Circle expands its stablecoin to other blockchains, including Sui and Aptos, the market capitalization of USDC continues to grow. USDC is also active on the Solana blockchain.

Crypto Biz brings you the pulse of the business behind blockchain and cryptocurrency every week, delivered directly to your inbox every Thursday.

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