Crypto ETFs welcome institutional inflows, with 15 institutions holding nearly $14 billion in assets, BlackRock leading in capital attraction
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Crypto ETFs welcome institutional inflows, with 15 institutions holding nearly $14 billion in assets, BlackRock leading in capital attraction
Starting from Q4, multiple institutions increased their investments in Ethereum ETFs, primarily focusing on BlackRock's ETHA, Fidelity's FETH, and Grayscale's mini trust ETH.
Navigating Web3 tides with focused insightsAuthor: Nancy, PANews
Crypto ETFs are accelerating their push into mainstream finance. Beyond the surge in altcoin ETF applications, institutional ownership of spot Bitcoin and Ethereum ETFs has sharply increased.
According to The Block and Cryptoslate, institutional investor interest in spot Ethereum ETFs surged by the end of Q4 2024, with institutional holdings rising from 4.8% to 14.5%. Meanwhile, institutions held 25.4% of the assets under management (AUM) in spot Bitcoin ETFs, amounting to $26.8 billion. From Q3 to Q4 2024, institutional ownership grew by 113%, and total AUM jumped 69% to $78.8 billion. With more sovereign nations and corporations adding Bitcoin to strategic reserves and growing expectations around Ethereum ETF staking, the ETF market is poised for further expansion.
This article by PANews compiles the Bitcoin and Ethereum spot ETF holdings of 15 institutions in 2024, including investment firms, hedge funds, banks, and pension funds.
Their combined holdings exceed $13.98 billion. Goldman Sachs, Millennium, SIG, and Brevan Howard each hold multi-billion-dollar positions. Compared to earlier PANews reports on major institutional Bitcoin spot ETF holdings across multiple quarters in 2024, these institutions have significantly increased their allocations.
In terms of holding strategies, each institution reflects different market outlooks and asset allocation directions. Many made large-scale增持 in Q4 2024, with BlackRock's IBIT being the top beneficiary.
Regarding portfolio structure, most institutions primarily hold Bitcoin spot ETFs. However, starting in Q4, several increased their investments in Ethereum ETFs, mainly through BlackRock’s ETHA, Fidelity’s FETH, and Grayscale’s mini-trust ETH.
Goldman Sachs: IBIT accounts for 83% of holdings, significant reduction in Grayscale ETFs
As of Q4 2024, Goldman Sachs held nearly $2.34 billion in Bitcoin spot ETFs, with IBIT making up 83.7% of its holdings, and the remainder in FBTC and GBTC. Compared to previous quarters, Goldman Sachs significantly increased its positions in IBIT and FBTC while reducing and fully exiting GBTC, BTCO, BITB, ARKB, and BTCW.
At the same time, Goldman Sachs held over $470 million in spot Ethereum ETFs, but significantly reduced its position in Grayscale’s Ethereum mini-trust ETH during Q3, while substantially increasing holdings in BlackRock’s ETHA and Fidelity’s FETH.
Millennium: Total holdings exceed $2.8 billion, IBIT and FBTC favored
Millennium is one of the world’s largest alternative asset managers. As of Q4 2024, it held nearly $2.62 billion in Bitcoin spot ETFs, with IBIT and FBTC accounting for 60.5% and 26.5% respectively, and the rest in BITB, ARKB, GBTC, and BTCO. Compared to Q3, Millennium saw the largest increases in GBTC, IBIT, and BITB, while reducing FBTC and Grayscale’s BTC.
In spot Ethereum ETFs, Millennium held over $180 million, including ETHA, ETH, FETH, and ETHW. Grayscale’s ETH was heavily reduced in Q4, while ETHA holdings rose 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 held over $1.89 billion in Bitcoin spot ETFs, including IBIT, GBTC, FBTC, and BITO. IBIT saw the largest increase in Q4, with investments exceeding $1.42 billion, representing 75.1% of the total. SIG also held approximately $11.36 million in spot Ethereum ETFs, including ETHA, FETH, ETHV, and ETH, but all these holdings saw double-digit percentage 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, managing $40 billion in assets. As of Q4 2024, Brevan Howard added over $1.38 billion in IBIT, becoming one of its largest shareholders. Additionally, Brevan Howard increased its ETHA holdings by approximately $94.15 million in Q4.
Capula Investment Management: Holdings nearing $940 million, continued增持 in IBIT and FBTC
Capula Investment Management is one of Europe’s largest hedge fund managers. As of Q4 2024, Capula Investment Management held nearly $940 million in IBIT and FBTC, having steadily increased its positions since Q2.
Schonfeld Strategic Advisors: Holdings exceed $900 million, added Ethereum ETFs in Q4
Schonfeld Strategic Advisors is a hedge fund managing $13 billion in assets. As of December 31, 2024, Schonfeld held $850 million in Bitcoin spot ETFs, primarily in FBTC, IBIT, and BITB, all of which were增持 to varying degrees in Q4. Additionally, Schonfeld added approximately $75.28 million in ETHA and FETH in Q4.
Symmetry Investment: Quarterly增持 in IBIT surges over 36-fold
Symmetry Investment is a fund manager employing macro hedge strategies. As of Q4 2024, Symmetry Investment held $670 million in IBIT, an increase of over 36 times compared to the previous quarter.
Avenir Capital: IBIT holdings reach 99%, significant reduction in FBTC
Avenir Capital is a family office controlled by Li Lin, founder of Huobi. As of December 31, 2024, Avenir Capital held approximately $600 million in BlackRock’s IBIT and Fidelity’s FBTC, with IBIT accounting for 99% of its holdings. Compared to previous quarters, Avenir Capital增持 IBIT in Q4 2024 while significantly reducing its FBTC position.
Mubadala Investments: Added nearly $440 million in IBIT, becomes seventh-largest holder
Mubadala Investment Company, the Abu Dhabi-based sovereign wealth fund, is the second-largest sovereign wealth fund in Abu Dhabi and one of the largest globally.
Mubadala Investments began增持 Bitcoin spot ETFs in Q4 2024 and became the seventh-largest known holder of IBIT. As of December 31, 2024, Mubadala Investments held 8.235 million shares of IBIT, valued at nearly $440 million.
Tudor Investment: Continued增持 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 held nearly $430 million in BlackRock’s IBIT, a 9.2-fold increase from its initial Q2 position.
Wisconsin Investment Board: Holds over $330 million in IBIT
The Wisconsin Investment Board (SWIB), established in 1951, currently manages over $156 billion in assets, primarily serving the Wisconsin Retirement System (WRS) and State Investment Fund (SIF).
As of December 31, 2024, SWIB held 6.06 million shares of BlackRock’s IBIT, a 109.7% increase from the previous quarter’s 2.9 million. Based on the current IBIT price of $55.33, SWIB’s holdings are valued at over $330 million. However, in Q2 2024, SWIB liquidated 1.013 million shares of Grayscale’s GBTC.
LPL Financial: Holdings exceed $150 million, heavily weighted in GBTC and IBIT
LPL Financial is the largest independent broker-dealer in the U.S. As of December 31, 2024, LPL Financial held approximately $140 million in Bitcoin spot ETFs, primarily in GBTC and IBIT, along with mini-trust BTC, EZBC, and ARKB. This quarter, LPL Financial增持 IBIT and EZBC, and newly purchased BTC, BTCW, and BITO. Additionally, LPL Financial held $16.39 million in ETHE, ETHA, and Grayscale’s mini-trust ETH.
Bank of Montreal: Significantly expanded investments in Q4, IBIT dominates
Bank of Montreal is Canada’s third-largest bank by market cap, with over $1 trillion in total assets. As of December 31, 2024, Bank of Montreal held approximately $150 million in Bitcoin spot ETFs, with about $139 million invested in IBIT and the remainder spread across FBTC, ARKB, GBTC, and BITO. While the bank significantly增持 IBIT in Q4 2024, it reduced and liquidated many Bitcoin spot ETF positions in Q3, including Franklin Templeton’s EZBC and Grayscale’s Bitcoin mini-trust BTC.
Additionally, Bank of Montreal held approximately $3.869 million in spot Ethereum ETFs. Grayscale’s ETHE and BlackRock’s ETHA were newly added in Q4, while Fidelity’s FETH and Grayscale’s Ethereum mini-trust ETH were significantly reduced or fully liquidated.
Barclays: Holds over $130 million in IBIT, GBTC liquidated
Barclays is one of the UK’s largest commercial banks. As of Q4 2024, Barclays held 2.473 million shares of IBIT, valued at over $130 million. However, the 2,850 shares of GBTC purchased in Q1 2024 were liquidated in Q3.
Multicoin Capital: Holdings worth approximately $110 million, repurchased GBTC again
Multicoin Capital is a well-known crypto fund that gained widespread attention due to several influential crypto investment essays. As of Q4 2024, Multicoin Capital held approximately $110 million in Grayscale’s GBTC and mini-trust BTC, with GBTC—previously liquidated in Q3—bought back this quarter.
HighTower: Holdings exceed $110 million,增持 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 Bitcoin spot ETF holdings include GBTC, FBTC, IBIT, BITX, and ARKB, totaling nearly $110 million. In Q4, HighTower notably增持 HODL and IBIT. In spot Ethereum ETFs, HighTower holds nearly $5 million in ETHE, Grayscale’s mini-trust ETH, and FETH, mostly acquired this quarter.
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