**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, the institutional holding rate for spot Bitcoin and Ethereum ETFs has 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 proportion rising from 4.8% to 14.5%. Meanwhile, institutional investors hold 25.4% of the assets under management (AUM) for spot Bitcoin ETFs, totaling $26.8 billion. These total revenues have increased by 3212% to $78.8 billion in Q3. Particularly, as more sovereign nations and enterprises begin to incorporate Bitcoin into their strategic reserves, and with expectations for Ethereum ETF staking continuously rising, the market size of these ETFs is expected to expand further.
This article compiles 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 holdings from Goldman Sachs, Millennium, SIG, and Brevan Howard each reaching billions of dollars. Compared to previous statistics from PANews on mainstream institutions’ holdings in Bitcoin spot ETFs over multiple quarters in 2024, these institutions have significantly increased their allocations.
From a holding strategy perspective, each institution has different market expectations and asset allocation directions. Several institutions made large-scale increases in their holdings in Q4 2024, particularly BlackRock’s IBIT, which attracted significant capital. In terms of holding structure, the vast majority of institutions primarily focus on Bitcoin spot ETF products. However, starting in Q4, several institutions have increased their investment in Ethereum ETFs, mainly in BlackRock’s ETHA, Fidelity’s FETH, and Grayscale’s mini trust ETH.
**Goldman Sachs: IBIT Holding Proportion 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 the holdings, and the remainder in FBTC and GBTC. Compared to previous quarters, Goldman Sachs has made significant increases in its holdings of IBIT and FBTC, while reducing and liquidating GBTC, BTCO, BITB, ARKB, and BTCW.
Simultaneously, Goldman Sachs holds over $470 million in Ethereum spot ETFs, but significantly reduced its holdings in Grayscale’s mini trust ETH in Q3, while increasing its positions in BlackRock’s ETHA and Fidelity’s FETH.
**Millennium: Total Holding Value Exceeds $2.8 Billion, IBIT and FBTC More Favored**
Millennium is one of the largest alternative asset management companies 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% of the holdings, respectively, and the remainder in BITB, ARKB, GBTC, and BTCO. Compared to Q3, the largest growth in holding proportion for Millennium was seen in GBTC, IBIT, and BITB, while reducing holdings in FBTC and Grayscale’s BTC.
In Ethereum spot ETF holdings, Millennium holds over $180 million, including ETHA, ETH, FETH, and ETHW. Among these, Grayscale’s ETH faced significant reductions by Millennium in Q4, while holdings in ETHA increased by 156%.
**SIG: IBIT Becomes Largest Holding, Significant Reduction in Ethereum ETFs**
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, including IBIT, GBTC, FBTC, and BITO.
Among these, IBIT saw the highest increase in investment in Q4, with a value exceeding $1.42 billion, accounting for 75.1% of the total. At the same time, SIG holds approximately $11.36 million in Ethereum spot ETFs, including ETHA, FETH, ETHV, and ETH, but these products saw double-digit reductions 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 $40 billion. As of Q4 2024, Brevan Howard has newly increased its holdings in IBIT by over $1.38 billion this season, becoming one of the largest shareholders. Additionally, Brevan Howard also increased its holdings in ETHA by approximately $94.15 million in Q4.
**Capula Investment Management: Holding Size Approaches $940 Million, Continues to Increase IBIT and FBTC**
Capula Investment Management is one of Europe’s largest hedge fund management companies. As of Q4 2024, Capula Investment Management holds nearly $940 million in IBIT and FBTC, with the institution continuously increasing its holdings since Q2.
**Schonfeld Strategic Advisors: Holding Size Exceeds $900 Million, Q4 Adds Ethereum ETFs**
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.
At the same time, Schonfeld Strategic Advisors also 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 hedge strategies. As of Q4 2024, Symmetry Investment holds $670 million in IBIT, growing by over 36 times from the previous quarter’s holdings.
**Avenir Capital: IBIT Holding Proportion Reaches 99%, FBTC Significantly Reduced**
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 proportion reaching 99%.
Compared to previous quarters, Avenir Capital chose to increase its holdings in IBIT in Q4 2024 while significantly reducing its holdings in FBTC.
**Mubadala Investments: Increased Holdings of 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 sovereign wealth funds globally. In Q4 2024, Mubadala Investments began to increase its holdings in Bitcoin spot ETFs, 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: Continues to Increase IBIT to $430 Million**
Tudor Investment is an investment company under billionaire Paul Tudor Jones, managing over $10 billion. As of last Q4, Tudor Investment holds nearly $430 million in BlackRock’s IBIT, which is 9.2 times the initial holding size in Q2.
**Wisconsin Investment Board: Holding Value Exceeds $330 Million in IBIT**
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, which has grown by 109.7% from nearly 2.9 million shares in the previous quarter. Based on the current IBIT price of $55.33, SWIB’s holding value exceeds $330 million, although SWIB chose to liquidate 1.013 million shares of Grayscale’s GBTC in Q2 2024.
**LPL Financial: Holding Value Exceeds $150 Million, Heavily Invested in GBTC and IBIT**
LPL Financial is the largest independent broker-dealer in the U.S. As of December 31, 2024, LPL Financial holds approximately $140 million in Bitcoin spot ETFs, primarily in GBTC and IBIT, with additional investments in mini trust BTC, EZBC, and ARKB. In this quarter, LPL Financial increased its holdings in IBIT and EZBC and made new purchases of BTC, BTCW, and BITO. At the same time, 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 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, around $139 million is invested in IBIT, with the remainder diversified into FBTC, ARKB, GBTC, and BITO. While Montreal Bank significantly increased its holdings in IBIT in Q4 2024, it reduced and liquidated a number of shares in Bitcoin spot ETFs, including Franklin Templeton’s EZBC and Grayscale’s mini trust BTC.
At the same time, Montreal Bank holds approximately $3.869 million in Ethereum spot ETFs. Among these, Grayscale’s ETHE and BlackRock’s ETHA were newly invested in Q4, while Fidelity’s FETH and Grayscale’s Ethereum mini trust ETH saw significant reductions, even being completely liquidated.
**Barclays: Holds Over $130 Million in IBIT, Cleared 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 liquidated in Q3.
**Multicoin Capital: Holding Value Approximately $110 Million, Repurchased GBTC Again**
Multicoin Capital is a crypto fund that gained significant market attention due to numerous articles on crypto investment. As of Q4 2024, Multicoin Capital holds approximately $110 million in Grayscale’s GBTC and mini trust BTC, with GBTC being repurchased this season after being liquidated in Q3.
**HighTower: Holding Value Exceeds $110 Million, Q4 Adds Several Ethereum ETFs**
HighTower is one of the largest registered investment advisors and wealth management companies 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 cumulative value of nearly $110 million. Among these, HighTower increased its holdings in HODL and IBIT relatively more in Q4. In terms of Ethereum spot ETF products, HighTower holds nearly $5 million in ETHE, Grayscale’s mini trust ETH, and FETH, with the vast majority purchased in this quarter.
This article is a collaborative reprint from: PANews.