Goldman Sachs stacks ETH, BTC

After years of bashing cryptocurrencies, US investment bank Goldman Sachs has admitted it was wrong about the asset class. Not in words, but with actions. 

The investment giant, which manages nearly $3 trillion in client assets, is buying up huge quantities of Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs). In a matter of months, the investment bank increased its ETH exposure by 2,000% and upped its Bitcoin ETF holdings by 114%. 

Goldman’s U-turn on digital assets reminds crypto advocates of the quote, “First they ignore you, then they laugh at you, then they fight you, then you win.”

This week’s Crypto Biz newsletter explores Goldman’s crypto capitulation, the rush of Japanese companies buying Bitcoin and the surge in stablecoin adoption this year. Although crypto prices are down so far in February, institutional adoption is clearly on the rise.

Goldman Sachs increases crypto exposure

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

During the same quarter, Goldman increased its exposure to Ether ETFs from $22 million to $476 million through BlackRock’s iShares Ethereum Trust and the Fidelity Ethereum Fund. 

The investment bank’s first foray into crypto ETFs was in the second quarter of 2024, when it purchased $418 billion worth of Bitcoin funds. The company’s buying spree in Q4 was likely triggered by the election of pro-crypto President Donald Trump, who has promised to transform America into the world’s blockchain capital.

Metaplanet’s Bitcoin buy triggers a 4,800% stock surge

Bitcoin treasurer Metaplanet has seen its stock price surge since adding BTC to its balance sheet. According to Bloomberg, the Tokyo-listed stock has risen by nearly 4,800% over the past 12 months. The gains coincided with the company’s first Bitcoin purchase in April 2024. As of Jan. 28, 2025, the company had acquired 1,762 BTC worth about $171 million. Metaplanet plans to hold up to 21,000 BTC by the end of 2026, which could make it the world’s second-largest Bitcoin treasurer behind Michael Saylor’s Strategy. The ambitious plan includes raising up to 116 billion yen, or $745 million, to finance more Bitcoin purchases. 

Japanese gaming studio buys 1 billion yen worth of BTC

Metaplanet isn’t the only publicly listed Japanese company to acquire Bitcoin. This week, the Tokyo-listed gaming studio Gumi announced a 1 billion yen allocation to BTC, equivalent to $6.6 million at the current exchange rate. The company intends to stake the newly acquired Bitcoin on Babylon, a digital asset staking protocol. The BTC acquisition supports Gumi’s broader blockchain and Web3 ambitions, which include “expanding our portfolio in the node management business,” the company said. Gumi also operates a Silicon Valley venture capital fund that invests in early-stage blockchain projects.

Circle’s USDC erases bear market losses

The crypto bull market has fueled a proliferation of stablecoin usage, with Circle’s USD Coin (USDC) fully rebounding from its bear market bottom in 2023. As of Feb. 12, USDC’s market capitalization was above $56.1 billion, more than double the $24.1 billion bottom in November 2023. The value of USDC in circulation has also increased by 23% from early January. USDC’s growing market cap comes as Circle expands its stablecoin to other blockchains, including Sui and Aptos. USDC is also active on the Solana blockchain. 

Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

Explore new destinations with ease using the Garmin Drive 52 GPS Navigator! With over 17,988 ratings and a solid 4.4/5-star rating, this GPS system has been a top choice for travelers. Over 500+ units were bought in the past month, all for only $144.99.

This 5″ GPS navigator comes with essential driver alerts, real-time travel data, and external memory storage. The simple on-screen menus and bright, easy-to-see maps make it easy to navigate wherever you are. Plus, it’s road trip-ready with The HISTORY Channel database, featuring notable historic sites and much more to enhance your journey.

Don’t miss out—get your hands on the Garmin Drive 52 today for a smoother ride ahead! Buy Now for $144.99 on Amazon!

Help Power Techcratic’s Future – Scan To Support

If Techcratic’s content and insights have helped you, consider giving back by supporting the platform with crypto. Every contribution makes a difference, whether it’s for high-quality content, server maintenance, or future updates. Techcratic is constantly evolving, and your support helps drive that progress.

As a solo operator who wears all the hats, creating content, managing the tech, and running the site, your support allows me to stay focused on delivering valuable resources. Your support keeps everything running smoothly and enables me to continue creating the content you love. I’m deeply grateful for your support, it truly means the world to me! Thank you!