Author: Nancy, PANews
Crypto ETFs are accelerating their entry into the mainstream financial world. In addition to the influx of applications for altcoin ETFs, the institutional holdings of Bitcoin and Ethereum spot ETFs have soared.
According to The Block and Cryptoslate, as of Q4 2024, institutional investors' interest in spot Ethereum ETFs has increased significantly, with institutional holdings of Ethereum ETFs jumping from 4.8% to 14.5%; at the same time, institutional investors hold 25.4% of the assets under management (AUM) of spot Bitcoin ETFs, totaling $26.8 billion. These institutions' holdings increased by 113% from Q3 to Q4 2024, and total assets under management jumped 69% to $78.8 billion. In particular, as more sovereign countries/enterprises begin to include Bitcoin in their strategic reserves and expectations for Ethereum ETF pledges continue to rise, the market size of these ETFs will be further expanded.
In this article, PANews sorted out the Bitcoin/Ethereum spot ETF holdings of 15 institutions in 2024, covering investment institutions, hedge funds, banks and pension funds. The cumulative holdings of these institutions are worth more than US$13.98 billion, among which Goldman Sachs, Millennium, SIG and Brevan Howard all hold billions of dollars. Compared with the Bitcoin spot ETF holdings of mainstream institutions in multiple quarters of 2024 previously counted by PANews, the allocation strength of these institutions has increased significantly. From the perspective of holding strategies, each has different market expectations and asset allocation directions. Many institutions have made large-scale increases in holdings in the fourth quarter of 2024, especially BlackRock's IBIT, which is the most profitable. In terms of holding structure, most institutions are mainly Bitcoin spot ETF products, but since Q4, many institutions have increased their investment in Ethereum ETFs, mainly BlackRock's ETHA, Fidelity's FETH and Grayscale's Mini Trust ETH.
Goldman Sachs: IBIT holdings account for as much as 83%, Grayscale ETF has been significantly reduced
As of Q4 2024, Goldman Sachs holds nearly $2.34 billion in Bitcoin spot ETFs, of which IBIT accounts for 83.7%, and the rest are FBTC and GBTC. Compared with previous quarters, Goldman Sachs has increased its holdings of IBIT and FBTC, and reduced and liquidated GBTC, BTCO, BITB, ARKB and BTCW.
At the same time, Goldman Sachs also holds over $470 million in Ethereum spot ETFs, but Grayscale's Ethereum Mini Trust ETH was significantly reduced in the third quarter, while BlackRock ETHA and Fidelity's FETH were significantly increased.
Millennium: Total holdings value exceeds US$2.8 billion, IBIT and FBTC are more popular
Millennium is one of the world's largest alternative asset management companies. As of Q4 2024, Millennium holds nearly $2.62 billion in Bitcoin spot ETFs, of which IBIT and FBTC account for 60.5% and 26.5% respectively, and the rest are BITB, ARKB, GBTC and BTCO. Compared with the third quarter, Millennium's holdings increased the most in GBTC, IBIT and BITB, and it reduced its holdings of FBTC and Grayscale's BTC.
Millennium holds over $180 million worth of Ethereum spot ETFs, including ETHA, ETH, FETH, and ETHW. Among them, Grayscale's ETH suffered a large-scale reduction in Millennium's holdings in Q4, while ETHA's holdings increased by 156%.
SIG: IBIT becomes the largest holding, and the Ethereum ETF is significantly reduced
Susquehanna International Group (SIG) is a global quantitative trading company. As of December 31, 2024, SIC holds over $1.89 billion worth of Bitcoin spot ETFs, including IBIT, GBTC, FBTC, and BITO. Among them, IBIT had the largest increase in holdings in the fourth quarter, with an investment value of over $1.42 billion, accounting for 75.1% of the total size. At the same time, SIG also holds approximately $11.36 million in Ethereum spot ETFs, including ETHA, FETH, ETHV, and ETH, but the holdings of these products have all seen double-digit reductions compared to the previous quarter.
Brevan Howard: Over $1.4 billion invested in BlackRock ETFs
Brevan Howard is one of the world's largest macro hedge funds, with a management scale of $40 billion. As of Q4 2024, Brevan Howard has newly held more than $1.38 billion of IBIT in this quarter, making it one of the largest shareholders. At the same time, Brevan Howard also increased its holdings of ETHA worth approximately $94.15 million in the fourth quarter.
Capula Investment Management: Holdings approaching USD 940 million, with continued investment in IBIT and FBTC
Capula Investment Management is one of the largest hedge fund management companies in Europe. As of Q4 2024, Capula Investment Management held nearly $940 million worth of IBIT and FBTC, and the institution began to increase its holdings from the second quarter.
Schonfeld Strategic Advisors: Holdings exceed US$900 million, with new Ethereum ETFs in Q4
Schonfeld Strategic Advisors is a hedge fund with $13 billion in assets under management. As of December 31, 2024, Schonfeld Strategic Advisors held $850 million worth of Bitcoin spot ETFs, mainly FBTC, IBIT and BITB, all of which were increased to varying degrees in the fourth quarter. At the same time, Schonfeld Strategic Advisors also added ETHA and FETH worth approximately $75.28 million in the fourth quarter.
Symmetry Investment: IBIT's quarterly increase in holdings surged more than 36 times
Symmetry Investment is a fund management company with a macro hedging strategy. As of the fourth quarter of 2024, Symmetry Investment held $670 million worth of IBIT, an increase of more than 36 times from the previous quarter.
Avenir Capital: IBIT holdings account for as much as 99%, and FBTC holdings have been significantly reduced
Avenir Capital is a family office controlled by Huobi founder Li Lin. As of December 31, 2024, Avenir Capital held approximately $600 million worth of BlackRock IBIT and Fidelity FBTC, of which IBIT accounted for as much as 99%. Compared with previous quarters, Avenir Capital chose to increase its holdings of IBIT in Q4 2024 and significantly reduced its holdings of FBTC.
Mubadala Investments: IBIT increased its holdings by nearly US$440 million and became the seventh largest holder
Mubadala Investments, Abu Dhabi's sovereign wealth fund, is the second largest sovereign wealth fund in Abu Dhabi and one of the largest sovereign wealth funds in the world.
Mubadala Investments began to increase its holdings of Bitcoin spot ETFs in Q4 2024 and is the seventh largest known holder of IBIT. As of December 31, 2024, Mubadala Investments held 8.235 million IBITs, worth nearly $440 million.
Tudor Investment: Continues to increase IBIT holdings to $430 million
Tudor Investment is an investment company owned by billionaire Paul Tudor Jones, which manages more than $10 billion. As of the fourth quarter of last year, Tudor Investment held nearly $430 million of BlackRock IBIT, 9.2 times the size of its first position in Q2.
Wisconsin Investment Committee: IBIT holdings valued at over $330 million
Founded in 1951, the Wisconsin Investment Board (SWIB) currently manages more than $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 worth more than $330 million. However, SWIB chose to liquidate 1.013 million shares of Grayscale's GBTC in Q2 2024.
LPL Financial: Holdings exceed $150 million, with heavy positions in GBTC and IBIT
LPL Financial is the largest independently operated trader in the United States. As of December 31, 2024, LPL Financial holds approximately $140 million in Bitcoin spot ETH, mainly in GBTC and IBIT, and others include mini trusts BTC, EZBC and ARKB. In this quarter, LPL Financial increased its holdings of IBIT and EZBC, and bought new BTC, BTCW and BITO. At the same time, LPL Financial also holds $16.39 million worth of ETHE, ETHA and Grayscale's mini trust ETH.
Bank of Montreal: Investment scale expanded significantly in Q4, with IBIT accounting for the majority of the share
Bank of Montreal is the third largest bank in Canada by market value, with total assets exceeding $1 trillion. As of December 31, 2024, Bank of Montreal held approximately $150 million in Bitcoin spot ETFs. Of this, approximately $139 million was invested in IBIT, and the remainder was diversified in FBTC, ARKB, GBTC, and BITO. While Bank of Montreal significantly increased its holdings of IBIT in Q4 2024, it reduced and liquidated a number of Bitcoin spot ETF shares in Q3, including Franklin Templeton's EZBC and Grayscale's Bitcoin Mini Trust BTC.
At the same time, Bank of Montreal also holds about $3.869 million worth of Ethereum spot ETFs. Among them, Grayscale's ETHE and BlackRock's ETHA were newly invested in Q4, while Fidelity's FETH and Grayscale's Ethereum Mini Trust ETH were significantly reduced or even completely liquidated.
Barclays: Holding IBIT worth more than $130 million, GBTC was liquidated
Barclays is one of the largest commercial banks in the UK. As of Q4 2024, Barclays held 2.473 million IBITs, worth more than $130 million. However, the 2,850 GBTCs purchased by Barclays in Q1 2024 were liquidated in Q3.
Multicoin Capital: Holding value is about 110 million US dollars, repurchasing GBTC again
Multicoin Capital is a crypto fund influencer that has gained a lot of attention from the market due to its many crypto investment articles. As of the fourth quarter of 2024, Multicoin Capital held approximately $110 million worth of Grayscale GBTC and Mini Trust BTC, of which GBTC was liquidated in Q3 and repurchased again in this quarter.
HighTower: Holdings exceed $110 million, with multiple Ethereum ETFs added in Q4
HighTower is one of the largest registered investment advisors and wealth management companies in the United States, managing $130 billion in assets. HighTower holds Bitcoin spot ETFs including GBTC, FBTC, IBIT, BITX and ARKB, with a cumulative value of nearly $110 million. Among them, HighTower increased its holdings of HODL and IBIT relatively more in the fourth quarter. In terms of Ethereum spot ETF products, HighTower only holds nearly $5 million worth of ETHE, Grayscale Mini Trust ETH and FETH, most of which were purchased this quarter.
