**Institutional Influx into Crypto ETFs**
Crypto ETFs are accelerating their entry into the mainstream financial world. In addition to a surge in applications for altcoin ETFs, institutional holdings of Bitcoin and Ethereum spot ETFs have significantly increased.
According to reports from The Block and Cryptoslate, as of Q4 2024, institutional investors have shown a marked increase in interest in spot Ethereum ETFs, with the institutional holding ratio rising from 4.8% to 14.5%. Meanwhile, institutional investors hold 25.4% of the assets under management (AUM) of spot Bitcoin ETFs, amounting to a total of $26.8 billion, which has seen a 3212% increase from Q3’s total revenue of $78.8 billion. Notably, as more sovereign nations and enterprises begin to incorporate Bitcoin into their strategic reserves, alongside rising expectations for Ethereum ETF staking, the market size for these ETFs is anticipated to expand further.
This article compiles the holdings of 15 institutions in Bitcoin/Ethereum spot ETFs for 2024, covering investment firms, 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 each holding several billion dollars. Compared to previous statistics compiled by PANews on mainstream institutions’ Bitcoin spot ETF holdings across multiple quarters in 2024, the allocation of these institutions has significantly intensified.
From the perspective of holding strategies, different institutions have varying market expectations and asset allocation directions. Several institutions have made substantial increases in holdings in Q4 2024, particularly BlackRock’s IBIT, which has attracted significant capital. In terms of holding structure, the vast majority of institutions primarily focus on Bitcoin spot ETF products; however, starting from Q4, several institutions have ramped up investments in Ethereum ETFs, primarily in BlackRock’s ETHA, Fidelity’s FETH, and Grayscale’s mini trust ETH.
**Goldman Sachs: IBIT Holding Ratio Reaches 83%, Grayscale ETF Significantly Reduced**
As of Q4 2024, Goldman Sachs holds nearly $2.34 billion in Bitcoin spot ETFs, with IBIT accounting for 83.7% of this, while the remainder comprises FBTC and GBTC. Compared to previous quarters, Goldman Sachs has significantly increased its holdings in IBIT and FBTC, while reducing and completely liquidating GBTC, BTCO, BITB, ARKB, and BTCW.
At the same time, Goldman Sachs also holds over $470 million in Ethereum spot ETFs, but has drastically reduced its holdings in Grayscale’s Ethereum mini trust ETH in Q3, while substantially increasing its positions in BlackRock’s ETHA and Fidelity’s FETH.
**Millennium: Total Holdings Exceed $2.8 Billion, IBIT and FBTC Preferred**
Millennium is one of the largest alternative asset management firms globally. As of Q4 2024, Millennium holds nearly $2.62 billion in Bitcoin spot ETFs, with IBIT and FBTC accounting for 60.5% and 26.5% respectively, while the remainder consists of BITB, ARKB, GBTC, and BTCO. Compared to Q3, Millennium’s largest increases in holding ratios were seen in GBTC, IBIT, and BITB, while it reduced its holdings in FBTC and Grayscale’s BTC.
Regarding Ethereum spot ETF holdings, Millennium possesses over $180 million, including ETHA, ETH, FETH, and ETHW. Notably, Grayscale’s ETH saw a significant reduction in holdings by Millennium in Q4, while its holdings in ETHA increased by 156%.
**SIG: IBIT Becomes Largest Holding, Significant Reduction in Ethereum ETF**
Susquehanna International Group (SIG) is a global quantitative trading firm. As of December 31, 2024, SIG holds over $1.89 billion in Bitcoin spot ETFs, which includes IBIT, GBTC, FBTC, and BITO.
IBIT saw the highest increase in holdings during Q4, with an investment value exceeding $1.42 billion, making up 75.1% of the total. Additionally, SIG holds approximately $11.36 million in Ethereum spot ETFs, including ETHA, FETH, ETHV, and ETH, but these products experienced double-digit reductions in holdings compared to the previous quarter.
**Brevan Howard: Over $1.4 Billion Invested in BlackRock ETFs**
Brevan Howard is one of the largest macro hedge funds in the world, managing assets of $40 billion. As of Q4 2024, Brevan Howard added over $1.38 billion in IBIT this season, becoming one of the largest shareholders. At the same time, Brevan Howard also increased its holdings in ETHA by approximately $94.15 million in Q4.
**Capula Investment Management: Holdings Near $940 Million, Continued Investment in IBIT and FBTC**
Capula Investment Management is one of the largest hedge fund management firms in Europe. As of Q4 2024, Capula Investment Management holds nearly $940 million in IBIT and FBTC, continuously increasing its holdings since Q2.
**Schonfeld Strategic Advisors: Holdings Exceed $900 Million, New Investments in Ethereum ETFs in Q4**
Schonfeld Strategic Advisors is a hedge fund managing $13 billion in assets. As of December 31, 2024, Schonfeld Strategic Advisors holds $850 million in Bitcoin spot ETFs, primarily in FBTC, IBIT, and BITB, with varying degrees of increases in Q4.
Simultaneously, Schonfeld Strategic Advisors also made new investments worth 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 Investment holds $670 million in IBIT, an increase 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 accounting for 99% of the holdings.
Compared to previous quarters, Avenir Capital chose to increase its holdings in IBIT in Q4 2024 while significantly reducing its FBTC positions.
**Mubadala Investments: Increased Holdings of Nearly $440 Million in IBIT, Now Seventh Largest Holder**
Abu Dhabi’s sovereign wealth fund Mubadala Investments is the second-largest sovereign wealth fund in Abu Dhabi and one of the largest in the world. Mubadala Investments began increasing its holdings in Bitcoin spot ETFs in Q4 2024, becoming the seventh largest known holder of IBIT. As of December 31, 2024, Mubadala Investments holds 8.235 million shares of IBIT, valued at nearly $440 million.
**Tudor Investment: Continuous Increase in IBIT to $430 Million**
Tudor Investment is the investment firm of billionaire Paul Tudor Jones, managing over $10 billion in assets. As of Q4 last year, Tudor Investment holds nearly $430 million in BlackRock’s IBIT, which is 9.2 times the initial holding size in Q2.
**Wisconsin Investment Board: IBIT Holdings Valued Over $330 Million**
The Wisconsin Investment Board (SWIB) was established in 1951 and 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, reflecting a 109.7% increase from nearly 2.9 million shares last quarter. At the current IBIT price of $55.33, SWIB’s holdings are valued at over $330 million. However, SWIB chose to fully liquidate 1.013 million shares of Grayscale’s GBTC in Q2 2024.
**LPL Financial: Holdings Exceed $150 Million, Heavily Invested 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 Bitcoin spot ETFs, mainly in GBTC and IBIT, along with mini trusts BTC, EZBC, and ARKB.
In this quarter, LPL Financial increased its holdings in IBIT and EZBC, and newly purchased BTC, BTCW, and BITO. Simultaneously, LPL Financial also holds $16.39 million in ETHE, ETHA, and Grayscale’s mini trust ETH.
**Montreal Bank: Significantly Expands Investment Scale in Q4, IBIT Holds Major Share**
Montreal Bank is the third-largest bank by market value in Canada, with total assets exceeding $1 trillion. As of December 31, 2024, Montreal Bank holds approximately $150 million in Bitcoin spot ETFs.
Of this, about $139 million is invested in IBIT, with the remainder diversified across FBTC, ARKB, GBTC, and BITO. While Montreal Bank significantly increased its holdings in IBIT during Q4 2024, it also reduced and liquidated many shares of Bitcoin spot ETFs in Q3, including Franklin Templeton’s EZBC and Grayscale’s Bitcoin mini trust BTC.
Additionally, Montreal Bank holds approximately $3.869 million in Ethereum spot ETFs. Notably, Grayscale’s ETHE and BlackRock’s ETHA were newly invested in Q4, while Fidelity’s FETH and Grayscale’s Ethereum mini trust ETH saw substantial reductions, even being fully 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 by Barclays in Q1 2024 were fully liquidated in Q3.
**Multicoin Capital: Holdings Valued at Approximately $110 Million, Rebuys GBTC**
Multicoin Capital is a crypto fund that has garnered significant attention in the market due to several prominent investment articles. As of Q4 2024, Multicoin Capital holds approximately $110 million in Grayscale’s GBTC and mini trust BTC, with GBTC being repurchased after being liquidated in Q3.
**HighTower: Holdings Exceed $110 Million, Adds 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. The Bitcoin spot ETFs held by HighTower include GBTC, FBTC, IBIT, BITX, and ARKB, with a total value nearing $110 million.
In Q4, HighTower significantly increased its holdings in HODL and IBIT. Concerning Ethereum spot ETF products, HighTower holds nearly $5 million in ETHE, Grayscale mini trust ETH, and FETH, with the vast majority acquired in this quarter.
This article is collaboratively reproduced from PANews.