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Why Goldman Sachs is jumping headfirst into crypto while rivals retreat

When the SEC opened the door in January for bitcoin exchange-traded funds to hit the mainstream, many traditional financial institutions across Wall Street and beyond finally had the opportunity to buy into crypto. Since then, money has poured in, but in fits and starts.

On Wednesday, banks and hedge funds with more than $100 million in assets hit a deadline to file their second-quarter 13F reports, disclosing their investments and what they bought and sold over a three-month stretch.

Goldman Sachs went big in the quarter, while rival Morgan Stanley trimmed its crypto holdings. JPMorgan has yet to make a big splash.

There are no shortage of opportunities for firms that want to take their time getting into the market. Following an array of public ETF listings in January tied to bitcoin, the Securities and Exchange Commission went a step further last month, clearing the way for spot ether ETFs, allowing investors to get access to the second-largest cryptocurrency. Those new holdings will start showing up in third-quarter reports.

In the period from March through June, Goldman Sachs made its debut in the crypto ETF market, purchasing $418 million worth of bitcoin funds. Its biggest position is a $238 million ownership in shares of BlackRock’s iShares Bitcoin Trust. The bank also owns shares in spot funds from Grayscale, Invesco, Fidelity and others.

Morgan Stanley was the first among the big players on Wall Street to give the green light to its 15,000 financial advisors to start pitching clients, who have a net worth north of $1.5 million, bitcoin ETFs, specifically those issued by BlackRock and Fidelity. Up to this point, wealth management businesses have only facilitated trades if customers requested exposure to the new spot crypto funds.

Of Morgan Stanley’s $1.5 trillion in assets under management, the bank disclosed in its filing that it trimmed its position in spot bitcoin ETFs to around $189 million from roughly $270 million. Most of those cuts were due to sales of almost all of its shares in the Grayscale Bitcoin Trust, which has a much higher management fee than other ETFs. The vast majority of the bank’s spot bitcoin holdings are now through the iShares trust.

JP Morgan reported minimal crypto exposure of around $42,000 worth of shares in Grayscale’s bitcoin fund and another $18,000 worth of the ProShares Bitcoin Strategy ETF. HSBC has nearly $3.6 million worth of spot bitcoin holdings, all from the fund issued by Ark 21Shares, UBS has around $300,000 worth of spot bitcoin ETF holdings, and Bank of America has collective holdings of around $5.3 million, mostly from BlackRock and Fidelity.

For most of the banks, the vast majority, if not all, of the ETF flows can be attributed to wealth management clients asking for exposure, rather than a decision by the firm to hold the assets on its balance sheet.

Wall Street reveals crypto stakes

While Wall Street investment banks are coming in slowly, hedge funds are taking a more aggressive approach.

Millennium Management, which oversees $62 billion, now holds over $1.1 billion worth of shares in at least five Bitcoin ETFs, and is the single largest holder of shares in BlackRock’s bitcoin fund, with shares worth more than $371 million according to its August filing.

That’s down substantially from the $844 million worth of shares it held as of its May filing, having cut its stake in BlackRock’s fund by about half, and in Grayscale’s by more than half.

London-based Capula Investment Management, one of the top hedge funds in Europe with $30 billion under management, disclosed in a recent SEC filing that it holds more than $464 million in spot bitcoin ETFs, including the funds offered by BlackRock and Fidelity.

Point72 Asset Management and Apollo Management have also jumped into the market as have firms including Citadel Advisors, Jane Street and Fortress Investment Group.

Since launching in January, spot bitcoin funds have seen net flows of around $17.5 billion, bringing total assets in the funds to $53.5 billion as of mid-August. Grayscale’s fund, which existed previously and was converted to an ETF, has seen $19.4 billion in outflows since the change, though its new budget product has seen net inflows of $274 million.

Spot ether ETFs hold more than $7.6 billion as of Tuesday. Barclays analysts noted that trading volume across all spot crypto ETF products has declined, compared to spot exchange volumes.

Still, the new ETF activity has helped lift bitcoin prices, which hit a record above $73,000 in March. The price has since dropped sharply, to under $58,000, alongside volatility in the boarder markets, though it’s still up more than 30% this year.

“The crypto markets are strong because we have the sentiment shift,” Galaxy Digital chief Mike Novogratz told CNBC in May. “Crypto is now an asset class. It will be next year, it will be forever. And it wasn’t that way two years ago. There was risk around the asset class, and it’s been de risked.”

Read more about tech and crypto from CNBC Pro

Bitcoin mining lures new investors

ETFs aren’t the only way investors are playing the market.

Daniel Sundheim’s D1 Capital built up a bitcoin mining position in the latest quarter, taking advantage of a shift as miners retrofit their facilities to service artificial intelligence clients. Like crypto mining, artificial intelligence workloads require immense amounts of power.

D1, which managed about $19 billion at the beginning of the year, bought nearly $5.4 million worth of Bitdeer Technologies, $17.3 million of Iris Energy, and nearly $17.4 million in shares of Hut 8 Corp.

Hut 8 said in its first-quarter earnings report that it had purchased Nvidia’s AI processors and secured a customer agreement with a venture-backed AI cloud platform as part of its expansion. Iris Energy expects to generate up to $17 million in annual revenue from its AI cloud services.

The combined market capitalization of the 14 major U.S.-listed bitcoin miners hit a record high of $22.8 billion on June 15, according to a note from JPMorgan, which has also been investing capital into an ETF of miners and individual companies. UBS has added shares of Bitdeer, Bitfarms, Bit Digital, Hut 8, as well as more than $5 million in Iris Energy, as of its latest 13F filing.

Sundheim, who previously built up a reputation as a savvy investor during his 15-year tenure at Viking Global Investors, has changed his tune on bitcoin. In 2019, he equated Canadian pot companies to the closest thing to a bubble since bitcoin.

WATCH: Bitcoin miners are shifting to AI

Bitcoin miners are shifting to AI

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This fun-vibes Honda Cub lookalike electric scooter is now almost half off

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6 hours ago

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November 29, 2025

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This fun-vibes Honda Cub lookalike electric scooter is now almost half off

csc monterey electric scooter

The CSC Monterey – one of the most charming little electric scooters on the US market – has dropped to a shockingly low $1,699, down from its original $2,899 MSRP. That’s nearly half off for a full-size, street-legal electric scooter that channels major Honda Super Cub energy, but without the gas, noise, or maintenance of the original.

CSC Motorcycles, based in Azusa, California, has a long history of importing and supporting small-format electric and gas bikes, but the Monterey has always stood out as the brand’s “fun vibes first” model. With its step-through frame, big retro headlight, slim bodywork, and upright seating position, it looks like something from a 1960s postcard – just brought into the modern era with lithium batteries and a brushless hub motor.

I had my first experience on one of these scooters back in 2021, when I reviewed the then-new model here on Electrek. I instantly fell in love with it and even got one for my dad. It now lives at his place and I think he gets just as much joy from looking at it in his garage as riding it.

You can see my review video below.

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The performance is solidly moped-class, which is exactly what it’s designed for. A 2,400W rear hub motor pushes the Monterey up to a claimed 30 mph or 48 km/h (I found it really topped out at closer to 32 mph or 51 km/h), making it perfect for city streets, beach towns, and lower-speed suburban routes.

A 60V, roughly 1.6 kWh removable battery offers around 30–40 miles (48-64 km) of real-world range, depending on how aggressively you twist the throttle. It’s commuter-ready, grocery-run-ready, and campus-ready right out of the crate.

It’s also remarkably approachable. At around 181 pounds (82 kg), the Monterey is light for a sit-down scooter, making it easy to maneuver and park. There’s a small storage cubby, LED lighting, and the usual simple twist-and-go operation. And it comes with full support from CSC, a company that keeps a massive warehouse stocked with components and spare parts.

My sister has a CSC SG250 (I’m still trying to convert her to electric) and has gotten great support from them in the past, including from their mechanics walking her through carburetor questions over the phone. So I know from personal experience that CSC is a great company that stands behind its bikes.

csc monterey electric scooter
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csc monterey electric scooter
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But the real story here is the price. Scooters in this class typically hover between $2,500 and $4,500, and electric retro-style models often jump well above that.

At $1,699, the Monterey is one of the least expensive street-legal electric scooters available from a reputable US distributor, especially one that actually stocks parts and provides phone support.

If you’ve been curious about swapping a few car errands for something electric – or you just want a fun, vintage-styled runabout for getting around town – this is one of the best deals of the year.


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Podcast: Tesla Robotaxi setback, Mercedes-Benz CLA EV, Bollinger is over, and more

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20 hours ago

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November 28, 2025

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Podcast: Tesla Robotaxi setback, Mercedes-Benz CLA EV, Bollinger is over, and more

electrek podcast

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss a big Tesla Robotaxi setback, the new Mercedes-Benz CLA EV, Bollinger is over, and more.

Today’s episode is brought to you by Climate XChange, a nonpartisan nonprofit working to help states pass effective, equitable climate policies. Sales end on Dec. 8th for its 10th annual EV raffle, where participants have multiple opportunities to win their dream model. Visit CarbonRaffle.org/Electrek to learn more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

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After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:


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Segway’s latest E3 Pro smart e-scooter hits new $500 low, NIU Black Friday EV sale (47% off), Anker SOLIX, Lectric, Aiper, more

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21 hours ago

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November 28, 2025

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Segway's latest E3 Pro smart e-scooter hits new 0 low, NIU Black Friday EV sale (47% off), Anker SOLIX, Lectric, Aiper, more


Today’s Green Deals is another jam-packed Black Friday edition, with all the ongoing savings we’ve spotted up until today having been collected into our Black Friday Green Deals hub here for your one-stop shopping needs. Our headliner is Segway’s new feature-packed E3 Pro Electric Scooter with Apple Find My that is down at a new $500 low, with NIU’s full Black Friday EV sale following right behind with up to 47% taken off e-scooters and e-bikes starting from $279. There’s also Anker’s SOLIX C300X AC Portable Power Station and a bundle option at new low prices starting from $160, as well as Lectric’s newly launched 40% off e-bike accessory sale + increased 30% off e-bike extra batteries, a smart irrigation system, a battery jumper/power bank combo, and much more waiting for you below. And don’t forget about the hangover deals that are collected together at the bottom of the page (and also in our Black Friday Green Deals hub), like yesterday’s expanded Rad Power Black Friday Sale lineup, the Black Friday savings on Anker eufy smart security devices at new lows, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Segway’s feature-packed E3 Pro electric scooter with Apple Find My hits new $500 Black Friday low (Save $200)

Segway’s Black Friday Sale is in full gear and currently seeing hundreds in savings and plenty of returning and new low prices on its e-scooters and e-bikes. One such standout is Segway’s latest E3 Pro Electric Scooter down at $499.99 shipped, and which seems to have disappeared from Amazon’s marketplace. Carrying a $700 MSRP since launching back at the top of October, we’ve only seen this model given $100 price cuts in its launch deal and the brand’s Halloween and early Black Friday sales. Now, with things having ramped up with increased savings now that Black Friday is in full swing, you can score a larger-than-ever $200 markdown to a new all-time low price, giving you an advanced upgrade to your commute that I have been loving so far since getting one a short time ago.

I’ve been riding around Brooklyn for a short time now with my own Segway E3 Pro Electric Scooter and have been loving my experience so far, as it’s a MAJOR step up from the very basic E22 model I’ve had for short travels since 2020. While power has been significantly ramped up from its E2 Pro predecessor, this new generation still retains a fairly lightweight 40-pound design, which I am able (as a not-so-strong person) to carry easily with one hand/arm up and down my second-story stoop.

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Segway’s E3 Pro comes bearing a 400W motor (with 800W peaking) alongside a 368Wh battery, the combination of which delivers up to 34 miles of commuting support for your travels at up to 20 MPH speeds. The regenerative brake paired with the brand’s SegRange Optimization tech really lends towards the extended travel times here, with safety taken into mind with the SegRide stability enhancement tech, the latest traction control system, turn signaling, RGB ambient lighting for nighttime journeys, and a bright headlight. What’s more, security is bolstered by the Apple Find My inclusion for those worried about tracking it down should theft (or forgetfulness) occur.

One thing I have really been enjoying, especially when riding over more pot-hole lined streets, is Segway’s E3 Pro’s dual elastomer suspension, which does a great job of smoothing out overall rides, while providing added cushioning when sudden, jolting sections of the road (or debris/trash) are driven over. Along with all those, there are also additional features, including the previously mentioned rear electronic regen brake getting a companion front drum brake, as well as 10-inch self-sealing jelly tires, an IPX5 water-resistant build, a 265-pound total payload, and a 3-inch full-color LED screen for setting adjustments.

Be sure to check out Segway’s full official Black Friday Sale while it lasts for a short while longer, which can save you hundreds at the best prices of the year starting from $150.

man and woman riding NIU KQi 200F electric scooters through streets in both day and night

Score up to 47% Black Friday savings on NIU EVs, like the 2025 KQi 200F e-scooter at its $529 low (Reg. $799), more from $279

NIU’s Black Friday EV Sale is in full motion now, taking up to 47% off its lineup of e-scooters and e-bikes, like the KQi 200F Foldable Handlebar Electric Scooter for $529 shipped, which you can currently only find in a used condition at Amazon. This is one of the brand’s newer 2025 models that fetches $799 at full price, which dipped down to this rate for the first time earlier in the month before these Black Friday savings. Now, you’re getting another shot at this all-time low price with $270 savings, giving you a solid commuter that sits among the mid-range models from NIU.

You can view the full lineup of NIU’s Black Friday e-scooter and e-bike deals in our original coverage here.

Anker SOLIX C300X power station charging drone and projector on rocks

Anker’s SOLIX C300X 90,000mAh portable power station + solar bundle option at new Black Friday lows from $160

As part of Amazon’s ongoing Black Friday Week Sale, and running parallel to Anker’s SOLIX Black Friday Sale, the brand’s official storefront is offering the C300X 90,000mAh Portable Power Station (misnamed on page as C200X) for $159.99 shipped. Normally going for $300 at full price, this alternate darker colorway beats out its standard grey colorway’s direct sale pricing by $40, with its Amazon pricing on that model also beaten out by the same amount. Discounts before October kept things above $189, with increased falls lower to 169 and $161 over last month and mid-way through this month, before this Black Friday deal dropped things to a new all-time low. Not only are you saving a total $140 here, but you’ll also be getting the best price tracked on the station’s 60W foldable solar panel bundle that’s down at a low of $240 shipped.

If you want to learn more about this model, be sure to check out our original coverage of these deals here, and be sure to also browse through Anker’s extended/expanded SOLIX Black Friday Sale in full here.

man and woman riding Lectric e-bikes
man holding Lectric e-bike battery
Aiper IrriSense smart irrigation system watering grass in yard
GOOLOO's GP4000 jump started connected to car battery

Best Fall EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.


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