Author: Nancy, PANews
Crypto ETFs are accelerating their push into the mainstream financial world, with not only a surge in Altcoin ETF applications, but also a significant increase in institutional holdings of spot Bitcoin and Ethereum ETFs.
According to reports from The Block and Cryptoslate, as of Q4 2024, institutional investors' interest in spot Ethereum ETFs has increased significantly, with the institutional holding ratio of 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, a 113% increase in their holding ratio and a 69% increase in total AUM to $78.8 billion in Q3-Q4 2024. Particularly as more sovereign states/companies begin to include Bitcoin in their strategic reserves, and the staking expectations for Ethereum ETFs continue to rise, the market size of these ETFs will further expand.
PANews has compiled the Bitcoin/Ethereum spot ETF holdings of 15 institutions in 2024, covering investment firms, hedge funds, banks, and pension funds. The total value of their holdings exceeds $13.98 billion, with Goldman Sachs, Millennium, SIG, and Brevan Howard each holding positions in the billions of dollars, significantly increasing their allocations compared to the mainstream institutions' Bitcoin spot ETF holdings in multiple quarters previously reported by PANews.
Goldman Sachs: IBIT holdings account for 83%, Grayscale ETF significantly reduced
As of Q4 2024, Goldman Sachs held nearly $2.34 billion in Bitcoin spot ETFs, with IBIT accounting for 83.7% of the holdings, the rest being FBTC and GBTC. Compared to previous quarters, Goldman Sachs has significantly increased its holdings of IBIT and FBTC, while reducing and liquidating 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 Trust ETH was significantly reduced in the third quarter, while BlackRock's ETHA and Fidelity's FETH were significantly increased.
Millennium: Total holdings exceed $2.8 billion, IBIT and FBTC more favored
Millennium is one of the world's largest alternative asset management companies. As of Q4 2024, Millennium held nearly $2.62 billion in Bitcoin spot ETFs, with IBIT and FBTC accounting for 60.5% and 26.5% of the holdings, respectively, the rest being BITB, ARKB, GBTC, and BTCO. Compared to the third quarter, Millennium's holding ratios increased the most in GBTC, IBIT, and BITB, while reducing FBTC and Grayscale's BTC.
In Ethereum spot ETF holdings, Millennium holds over $180 million, including ETHA, ETH, FETH, and ETHW. Among them, Grayscale's ETH was subject to a large-scale reduction by Millennium in Q4, while ETHA's holdings increased by 156%.
SIG: IBIT becomes the largest holding, significantly reduced Ethereum ETF
Susquehanna International Group (SIG) is a global quantitative trading firm. As of December 31, 2024, SIG held over $1.89 billion in Bitcoin spot ETFs, including IBIT, GBTC, FBTC, and BITO. Among them, IBIT saw the largest increase in the fourth quarter, with an investment value of over $1.42 billion, accounting for 75.1% of the overall size. SIG also held about $113.6 million in Ethereum spot ETFs, including ETHA, FETH, ETHV, and ETH, but these positions were reduced by double digits compared to the previous quarter.
Brevan Howard: Over $1.4 billion invested in BlackRock ETFs
Brevan Howard is one of the world's largest global macro hedge funds, with $40 billion in assets under management. As of Q4 2024, Brevan Howard added over $1.38 billion in IBIT during the quarter, making it one of the largest shareholders. Brevan Howard also increased its holdings of ETHA by about $94.15 million in the fourth quarter.
Capula Investment Management: Holdings approaching $940 million, continuously increasing IBIT and FBTC
Capula Investment Management is one of Europe's largest hedge fund management companies. As of Q4 2024, Capula Investment Management held nearly $940 million in IBIT and FBTC, and the firm has been continuously increasing its holdings since the second quarter.
Schonfeld Strategic Advisors: Holdings exceed $900 million, Q4 added Ethereum ETF
Schonfeld Strategic Advisors is a hedge fund managing $13 billion in assets. As of December 31, 2024, Schonfeld Strategic Advisors held $850 million in Bitcoin spot ETFs, mainly in FBTC, IBIT, and BITB, all of which were increased to varying degrees in the fourth quarter. Meanwhile, Schonfeld Strategic Advisors also added about $75.28 million in ETHA and FETH in the fourth quarter.
Symmetry Investment: IBIT's quarterly increase exceeds 36-fold
Symmetry Investment is a fund management company with a macro-hedging strategy. As of the fourth quarter of 2024, Symmetry Investment held $670 million in IBIT, an increase of over 36 times from the previous quarter's holdings.
Avenir Capital: IBIT holdings account for 99%, FBTC significantly reduced
Avenir Capital is a family office controlled by Huobi founder Li Lin. As of December 31, 2024, Avenir Capital held about $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 of IBIT in Q4 2024 and significantly reduced its holdings of FBTC.
Mubadala Investments: Increased holdings of nearly $440 million in IBIT, becoming the seventh largest holder
Mubadala Investment Company, the Abu Dhabi sovereign wealth fund, is the second largest sovereign wealth fund in Abu Dhabi and one of the largest in the world.
Mubadala Investments began increasing its holdings of Bitcoin spot ETFs in Q4 2024 and is now the seventh largest known holder of IBIT. As of December 31, 2024, Mubadala Investments held 8.235 million IBIT, worth nearly $440 million.
Tudor Investment: Continued to increase IBIT holdings to $430 million
Tudor Investment is the investment firm of billionaire Paul Tudor Jones, managing over $10 billion in assets. As of the fourth quarter last year, Tudor Investment held nearly $430 million in BlackRock's IBIT, 9.2 times the initial holding size in Q2.
State of Wisconsin Investment Board: Holdings worth over $330 million in IBIT
The State of 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 held 6.06 million shares of BlackRock's IBIT, up 109.7% from the previous quarter's nearly 2.9 million shares. Based on the current IBIT price of $55.33, SWIB's holdings are worth 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, heavily weighted in GBTC and IBIT
LPL Financial is the largest independent broker-dealer in the US. As of December 31, 2024, LPL Financial held about $140 million in Bitcoin spot ETFs, mainly in GBTC and IBIT, as well as Grayscale's BTC Trust, EZBC, and ARKB. In this quarter, LPL Financial increased its holdings of IBIT and EZBC, and newly added BTC, BTCW, and BITO. LPL Financial also holds $16.39 million in ETHE, ETHA, and Grayscale's Ethereum Trust.
Bank of Montreal: Significantly expanded investment scale in Q4, with IBIT accounting for the majority share
Bank of Montreal is the third largest bank in Canada by market capitalization, 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, with the remaining amount diversified across 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 positions in Q3, including EZBC from Franklin Templeton and the Bitcoin Grayscale Trust (BTC).
Additionally, Bank of Montreal holds approximately $3.869 million worth of Ethereum spot ETFs. Of this, Grayscale's ETHE and BlackRock's ETHA were new investments in Q4, while Fidelity's FETH and Grayscale's Ethereum Trust (ETH) were significantly reduced or completely liquidated.
Barclays: Holds over $130 million worth of IBIT, GBTC liquidated
Barclays is one of the largest commercial banks in the UK. As of Q4 2024, Barclays held 2.473 million units of IBIT, worth over $130 million. However, the 2,850 units of GBTC purchased by Barclays in Q1 2024 were liquidated in Q3.
Multicoin Capital: Holding value of approximately $110 million, repurchased GBTC
Multicoin Capital is a crypto fund celebrity, gaining significant market attention for its numerous crypto investment articles. As of the fourth quarter of 2024, Multicoin Capital held approximately $110 million worth of Grayscale GBTC and the BTC Trust, with GBTC being repurchased this quarter after being liquidated in Q3.
HighTower: Holding scale exceeds $110 million, increased holdings in multiple Ethereum ETFs in Q4
HighTower is one of the largest registered investment advisors and wealth management firms in the US, managing $130 billion in assets. HighTower's Bitcoin spot ETF holdings include GBTC, FBTC, IBIT, BITX and ARKB, totaling nearly $110 million. Of these, HighTower increased its holdings in HODL and IBIT relatively more in the fourth quarter. In Ethereum spot ETF products, HighTower only held around $5 million worth of ETHE, Grayscale's Ethereum Trust (ETH) and FETH, the vast majority of which were purchased this quarter.
