In a recent disclosure, Goldman Sachs (GS) has revealed its strategic positions in a diversified range of Bitcoin (BTC) exchange-traded funds (ETFs), as detailed in its latest 13F filing. This significant move underscores the investment bank’s increasing involvement in the digital currency landscape, a sector it once regarded with skepticism.

In the quarterly 13-F report, Goldman Sachs confirmed its stakes in seven out of the 11 available BTC ETFs within the United States market. The most substantial holding is in the iShares Bitcoin Trust (IBIT), amounting to $238.6 million. This is followed by a $79.5 million stake in Fidelity’s Bitcoin ETF (FBTC), a $56.1 million investment in Invesco Galaxy’s BTC ETF (BTCO), and $35.1 million in Grayscale’s GBTC. Additionally, Goldman maintains smaller yet notable positions in BITB, BTCW, and ARKB.

The flow of funds into BTC ETFs remained robust, with Tuesday’s U.S. trading session witnessing a $4.39 million inflow, according to data from SoSoValue. This continuous influx of capital into Bitcoin ETFs highlights the growing institutional interest in the cryptocurrency sector.

Read more: Bitcoin ETFs Surge Past $1B in Trading Amid Crypto Market Turmoil

At CoinDesk’s Consensus 2024 event in Austin, Mathew McDermott, the global head of digital assets at Goldman Sachs, remarked on the pivotal role BTC ETFs have played in the broader adoption of digital assets. He characterized these financial instruments as a “significant psychological inflection point” for the industry, noting their substantial impact on market dynamics.

“The success of the bitcoin ETF has been nothing short of remarkable,” McDermott asserted during his on-stage appearance. He further emphasized that Goldman Sachs’ digital asset division is deeply invested in the potential of asset digitization, recognizing the transformative possibilities it presents for the efficiency of financial systems.

This marked departure from Goldman’s earlier stance on cryptocurrency is particularly notable. In the past, Sharmin Mossavar-Rahmani, the chief investment officer of the bank’s Wealth Management division, dismissed crypto as a viable asset class, stating, “We’re not believers in crypto,” during an April interview with the Wall Street Journal. This shift in perspective signals a broader institutional acceptance of digital currencies, aligning Goldman Sachs with a growing number of financial powerhouses that are beginning to embrace the burgeoning crypto market.