Background: BlackRock's spot Bitcoin ETF (IBIT) achieved net inflows for 20 consecutive trading days in 2025, setting the longest streak of continuous net inflows in the market this year. Over the past 20 trading days, the fund attracted approximately 5.10 billion USD in capital, making it the highest capital-attracting spot Bitcoin ETF in the market. With the rise in Bitcoin prices, the total net asset value of U.S. spot Bitcoin funds exceeded 121 billion USD, reaching the highest level since January this year.

Key Events: According to the latest SEC filings, Goldman Sachs has become the largest global holder of IBIT, holding 30.80 million shares valued at about 1.40 billion USD, up 28% from the beginning of Q1 2025. Additionally, Goldman Sachs holds 3.50 million shares of FBTC, the market's second-largest spot Bitcoin ETF, valued at approximately 315 million USD, and increased its holdings by about 30 thousand shares in Q1. In its December filing, Goldman Sachs also reported call and put options on IBIT as well as put options on FBTC, but these options did not appear in the latest 13F filing.

Potential Impact: Goldman Sachs mentioned cryptocurrencies for the first time in its annual shareholder letter. Its head of digital assets stated that stablecoin legislation could accelerate financial institutions' adoption of digital currencies. BlackRock recently met with the SEC cryptocurrency task force to discuss staking and options for cryptocurrency ETFs, indicating a more supportive regulatory stance towards the industry. Data from SoSoValue shows that IBIT’s capital inflows lead the market, reflecting strong institutional investor interest in Bitcoin.

BlackRock's spot bitcoin ETF, IBIT, has seen net inflows on each of the last 20 trading days, the longest such streak for any spot bitcoin ETF on the market so far this year.The fund has taken in around $5.1 billion over the past 20 trading days, according to SoSoValue data, the most of any spot bitcoin ETF on the market. With the rising price of bitcoin, U.S.-based spot bitcoin funds cumulatively hold over $121 billion in net asset value, the highest such sum since January of this year.Bloomberg ETF analyst Eric Balchunas recently noted the divergence between IBIT and other funds in a post on X. "[IBIT is] taking in SO much more then the rest of them," Balchunas wrote on Monday. "Usually there's much more parity...My theory, return of the HF [hedge fund] basis trade and some big fish biting after the decoupling and subsequent rally."One significant IBIT buyer has been Goldman Sachs, according to a recent SEC filing first spotted by MacroScope, which said Goldman Sachs is now the largest known IBIT holder internationally. The finance firm holds 30.8 million shares valued around $1.4 billion, a 28% increase from its holdings at the start of 2025's first quarter.The firm also holds 3.5 million shares of FBTC, the market's second-largest spot bitcoin ETF by assets under management, worth about $315 million. It added around 30,000 shares over the first quarter of 2025, according to the filing."Goldman's filing in December also reported an IBIT call valued at $157 million and a put valued at $527 million, and an FBTC put valued at $84 million," MacroScope wrote. "None of these positions appeared in the 13F [filing] today."The filing comes mere months after Goldman Sachs acknowledged crypto in its annual shareholder letter for the first time. Stablecoin legislation may provide another accelerant to the firm's crypto adoption, its head of digital assets said at Token2049 recently."If regulations allow stablecoins to be easily adopted by financial institutions, this could accelerate the use of digital currency by big players," Mathew McDermott, Head of Digital Assets at Goldman Sachs said. "We’re watching very closely."BlackRock representatives recently met with the SEC's Crypto Task Force to discuss staking and options on cryptocurrency exchange-traded funds. The agency has met with a number of crypto shareholders recently as the agency pursues a more pro-industry approach to crypto regulation.

Goldman Sachs Increases Stake in BlackRock Bitcoin ETF IBIT by 28%, Fund Inflows Set Longest Record in 2025