**Institutional Influx into Crypto ETFs**
Crypto ETFs are rapidly advancing into the mainstream financial world. In addition to a surge in applications for altcoin ETFs, institutional holdings of spot Bitcoin and Ethereum ETFs have significantly increased.
According to reports from The Block and Cryptoslate, as of Q4 2024, institutional interest in spot Ethereum ETFs has surged, with the institutional holding ratio for Ethereum ETFs rising from 4.8% to 14.5%. Meanwhile, institutional investors hold 25.4% of the assets under management (AUM) of spot Bitcoin ETFs, totaling $26.8 billion, which marks a 3212% increase from Q3’s $7.88 billion. Particularly, as more sovereign nations and enterprises begin to incorporate Bitcoin into their strategic reserves, alongside rising expectations for Ethereum ETF staking, the market size of these ETFs is expected to expand further.
This article consolidates the holdings of 15 institutions in Bitcoin/Ethereum spot ETFs for 2024, covering investment institutions, hedge funds, banks, and pension funds. The cumulative value of these institutions’ holdings exceeds $13.98 billion, with Goldman Sachs, Millennium, SIG, and Brevan Howard having positions worth billions of dollars. Compared to previous statistics from PANews regarding mainstream institutions’ holdings in Bitcoin spot ETFs across various quarters in 2024, the allocation efforts of these institutions have significantly increased.
From a holding strategy perspective, different institutions have varying market expectations and asset allocation directions. Several institutions have made substantial additions in Q4 2024, particularly BlackRock’s IBIT, which is attracting significant capital inflow. In terms of holding structure, the vast majority of institutions primarily focus on Bitcoin spot ETF products; however, starting Q4, many institutions have increased their investments in Ethereum ETFs, mainly in BlackRock’s ETHA, Fidelity’s FETH, and Grayscale’s mini-trust ETH.
**Goldman Sachs: IBIT Holding Ratio Reaches 83%, Significant Reduction in Grayscale ETF Holdings**
As of Q4 2024, Goldman Sachs holds nearly $2.34 billion in spot Bitcoin ETFs, with an 83.7% holding ratio in IBIT, while the remainder consists of FBTC and GBTC. Compared to previous quarters, Goldman Sachs has significantly increased its positions in IBIT and FBTC, while reducing and liquidating GBTC, BTCO, BITB, ARKB, and BTCW.
Additionally, Goldman Sachs holds over $470 million in spot Ethereum ETFs, but Grayscale’s Ethereum mini-trust ETH was significantly reduced in Q3, while BlackRock’s ETHA and Fidelity’s FETH saw substantial increases.
**Millennium: Total Holdings Exceed $2.8 Billion, IBIT and FBTC More Favored**
Millennium is one of the largest alternative asset management firms globally. As of Q4 2024, Millennium holds nearly $2.62 billion in spot Bitcoin ETFs, with IBIT and FBTC holding ratios of 60.5% and 26.5%, respectively, while the remainder includes BITB, ARKB, GBTC, and BTCO. Compared to Q3, Millennium saw the largest growth in holding ratios for GBTC, IBIT, and BITB, while reducing positions in FBTC and Grayscale’s BTC.
In terms of spot Ethereum ETF holdings, Millennium holds over $180 million, including ETHA, ETH, FETH, and ETHW. Notably, Grayscale’s ETH faced large-scale reductions in Q4, while holdings in ETHA increased by 156%.
**SIG: IBIT Becomes Largest Holding, Significant Reduction in Ethereum ETF Holdings**
Susquehanna International Group (SIG) is a global quantitative trading firm. As of December 31, 2024, SIG holds over $1.89 billion in spot Bitcoin ETFs, including IBIT, GBTC, FBTC, and BITO.
Among these, IBIT saw the highest increase in investment in Q4, totaling over $1.42 billion and accounting for 75.1% of the overall holdings. At the same time, SIG holds approximately $11.36 million in spot Ethereum ETFs, including ETHA, FETH, ETHV, and ETH, but these products have all seen double-digit percentage reductions compared to the previous season.
**Brevan Howard: Over $1.4 Billion Investment in BlackRock ETF**
Brevan Howard is one of the world’s largest macro hedge funds, managing $40 billion in assets. As of Q4 2024, Brevan Howard has added over $1.38 billion in IBIT, making it one of the largest shareholders. Additionally, Brevan Howard increased its holdings in ETHA by approximately $94.15 million in Q4.
**Capula Investment Management: Holdings Approach $940 Million, Continued Accumulation of IBIT and FBTC**
Capula Investment Management is one of Europe’s largest hedge fund management companies. As of Q4 2024, Capula holds nearly $940 million in IBIT and FBTC, having begun accumulating these positions since Q2.
**Schonfeld Strategic Advisors: Holdings Exceed $900 Million, New Additions to Ethereum ETFs in Q4**
Schonfeld Strategic Advisors is a hedge fund managing $13 billion in assets. As of December 31, 2024, Schonfeld holds $850 million in spot Bitcoin ETFs, primarily in FBTC, IBIT, and BITB, with varying degrees of increases in Q4.
Additionally, Schonfeld added approximately $75.28 million in ETHA and FETH in Q4.
**Symmetry Investment: IBIT Quarterly Increase Surges Over 36 Times**
Symmetry Investment is a fund management company with macro-hedging strategies. As of Q4 2024, Symmetry holds $670 million in IBIT, marking a growth of over 36 times compared to the previous quarter.
**Avenir Capital: IBIT Holding Ratio Reaches 99%, Significant Reduction in FBTC**
Avenir Capital is a family office controlled by Huobi founder Li Lin. As of December 31, 2024, Avenir Capital holds approximately $600 million in BlackRock’s IBIT and Fidelity’s FBTC, with IBIT’s holding ratio reaching 99%. Compared to previous quarters, Avenir Capital chose to increase its position in IBIT in Q4 while significantly reducing its holdings in FBTC.
**Mubadala Investments: Adds Nearly $440 Million in IBIT, Becomes Seventh Largest Holder**
Mubadala Investments, the sovereign wealth fund of Abu Dhabi, is the second-largest sovereign wealth fund in Abu Dhabi and one of the largest in the world. In Q4 2024, Mubadala Investments began increasing its holdings in spot Bitcoin ETFs, becoming the seventh-largest known holder of IBIT. As of December 31, 2024, Mubadala holds 8.235 million shares of IBIT, valued at nearly $440 million.
**Tudor Investment: Continues to Increase IBIT Holdings to $430 Million**
Tudor Investment, the investment firm of billionaire Paul Tudor Jones, manages over $10 billion in assets. As of the fourth quarter of last year, Tudor Investment holds nearly $430 million in BlackRock’s IBIT, which is 9.2 times larger than its initial holding in Q2.
**Wisconsin Investment Board: IBIT Holdings Exceed $330 Million**
The Wisconsin Investment Board (SWIB), established in 1951, currently manages over $156 billion in assets, primarily serving the Wisconsin Retirement System (WRS) and the State Investment Fund (SIF). As of December 31, 2024, SWIB holds 6.06 million shares of BlackRock’s IBIT, an increase of 109.7% from nearly 2.9 million shares in the previous quarter. Based on the current IBIT price of $55.33, SWIB’s holdings are valued at over $330 million. However, SWIB chose to liquidate 1.013 million shares of Grayscale’s GBTC in Q2 2024.
**LPL Financial: Holdings Exceed $150 Million, Heavy Positions in GBTC and IBIT**
LPL Financial is the largest independent broker-dealer in the United States. As of December 31, 2024, LPL Financial holds approximately $140 million in spot Bitcoin ETFs, primarily in GBTC and IBIT, along with other investments in mini-trust BTC, EZBC, and ARKB.
In this quarter, LPL Financial increased its positions in IBIT and EZBC, also adding BTC, BTCW, and BITO. Additionally, LPL Financial holds $16.39 million in ETHE, ETHA, and Grayscale’s mini-trust ETH.
**Montreal Bank: Significantly Expands Investment Scale in Q4, IBIT Constitutes Main Share**
Montreal Bank is the third-largest bank in Canada by market value, with total assets exceeding $1 trillion. As of December 31, 2024, Montreal Bank holds approximately $150 million in spot Bitcoin ETFs. Of this, about $139 million is invested in IBIT, while the remainder is diversified across FBTC, ARKB, GBTC, and BITO. In Q4 2024, Montreal Bank significantly increased its position in IBIT while reducing and liquidating several shares of spot Bitcoin ETFs, including Franklin Templeton’s EZBC and Grayscale’s Bitcoin mini-trust BTC.
Simultaneously, Montreal Bank also holds approximately $3.869 million in spot Ethereum ETFs. Among these, Grayscale’s ETHE and BlackRock’s ETHA were newly added investments in Q4, while Fidelity’s FETH and Grayscale’s mini-trust ETH were significantly reduced, with some even completely liquidated.
**Barclays: Holds Over $130 Million in IBIT, Liquidates GBTC**
Barclays is one of the largest commercial banks in the UK. As of Q4 2024, Barclays holds 2.473 million shares of IBIT, valued at over $130 million. However, the 2,850 shares of GBTC purchased in Q1 2024 were fully liquidated in Q3.
**Multicoin Capital: Holdings Valued at Approximately $110 Million, Repurchases GBTC**
Multicoin Capital is a well-known crypto fund that has garnered significant market attention due to multiple articles on crypto investment. As of Q4 2024, Multicoin Capital holds approximately $110 million in Grayscale’s GBTC and mini-trust BTC, with GBTC repurchased after being liquidated in Q3.
**HighTower: Holdings Exceed $110 Million, Increases Multiple Ethereum ETFs in Q4**
HighTower is one of the largest registered investment advisors and wealth management firms in the U.S., managing $130 billion in assets. HighTower’s spot Bitcoin ETFs include GBTC, FBTC, IBIT, BITX, and ARKB, with a cumulative value approaching $110 million.
Among these, HighTower significantly increased its positions in HODL and IBIT in Q4. Regarding spot Ethereum ETF products, HighTower holds nearly $5 million in ETHE, Grayscale’s mini-trust ETH, and FETH, with the majority being newly acquired in this quarter.
This article is collaboratively reprinted from PANews.