Goldman Sachs has sparked heated discussions on crypto space after it disclosed in a 13F filing that it held a small stake in spot Bitcoin ETF, but the facts are not as expected. First, these ETFs are not exactly a bet on the price of Bitcoin (BTC) in Goldman Sachs trading floors. The shares are almost certainly held by Goldman Sachs Asset Management, the bank’s asset management unit, for its clients. Second, although the document (a snapshot of ownership as of December 31, 2024) shows that it holds $288 million in Fidelity Bitcoin ETF (FBTC) and $1.3 billion in BlackRock Bitcoin ETF (IBIT) but it also shows put options positions (as well as a small number of call options positions) with nominal value of more than $600 million. James said: "This position at Goldman Sachs is similar to many other banks and hedge funds, not a net long position. It is a strategy that reflects the underlying transaction, also known as cash and arbitrage trading, balancing the potential profits of Bitcoin price fluctuations and Risk. ETFs recently received option approval, so this is likely a directional hedging.”