Cryptocurrency ETFs welcome a wave of institutional entry, with 15 institutions holding nearly $14 billion in assets, and BlackRock attracting the most capital

Author: Nancy, PANews

Crypto ETFs are accelerating their advance into the mainstream financial world. In addition to a surge in applications for altcoin ETFs, the institutional holding rate of spot Bitcoin and Ethereum ETFs has significantly skyrocketed.

According to reports from The Block and Cryptoslate, as of Q4 2024, institutional interest in spot Ethereum ETFs has greatly increased, with the institutional holding ratio 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 saw a 113% increase in their holdings from Q3 to Q4 2024, with total managed assets soaring 69% to $78.8 billion. Particularly, as more sovereign nations and enterprises begin to incorporate Bitcoin into their strategic reserves, and with rising expectations for Ethereum ETF staking, the market size of these ETFs will further expand.

This article by PANews compiles the Bitcoin/Ethereum spot ETF holdings of 15 institutions in 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 from PANews on mainstream institutions' Bitcoin spot ETF holdings in multiple quarters of 2024, these institutions have significantly increased their allocations. From a holding strategy perspective, each institution has different market expectations and asset allocation directions, with several institutions making large-scale increases in Q4 2024, particularly BlackRock's IBIT, which attracted significant capital. In terms of holding structure, the vast majority of institutions primarily hold Bitcoin spot ETF products; however, starting from Q4, several institutions have increased their investments in Ethereum ETFs, mainly 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 spot Bitcoin ETFs, with IBIT accounting for 83.7% of the holdings, while the remainder consists of FBTC and GBTC. Compared to previous quarters, Goldman Sachs has significantly increased its holdings in 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 spot Ethereum ETFs, but Grayscale's Ethereum mini trust ETH was significantly reduced in Q3, while BlackRock's ETHA and Fidelity's FETH were significantly increased.

Millennium: Total holding value exceeds $2.8 billion, IBIT and FBTC more favored

Millennium is one of the largest alternative asset management companies in the world. As of Q4 2024, Millennium holds nearly $2.62 billion in spot Bitcoin ETFs, with IBIT and FBTC accounting for 60.5% and 26.5% of the holdings, respectively, while the remainder consists of BITB, ARKB, GBTC, and BTCO. Compared to Q3, the holdings ratio that increased the most for Millennium was GBTC, IBIT, and BITB, while it reduced its holdings in FBTC and Grayscale's BTC.

In terms of spot Ethereum ETF holdings, Millennium holds over $180 million, including ETHA, ETH, FETH, and ETHW. Among these, Grayscale's ETH faced a large-scale reduction by Millennium in Q4, while the holding of ETHA increased by 156%.

SIG: IBIT becomes the largest holding, significantly reduces Ethereum ETF

Susquehanna International Group (SIG) is a global quantitative trading firm. As of December 31, 2024, SIG holds over $1.89 billion in spot Bitcoin ETFs, including IBIT, GBTC, FBTC, and BITO. Among these, IBIT had the highest increase in Q4, with an investment value exceeding $1.42 billion, accounting for 75.1% of the total. At the same time, SIG also holds approximately $11.36 million in spot Ethereum 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 ETF

Brevan Howard is one of the largest macro hedge funds in the world, managing $40 billion. As of Q4 2024, Brevan Howard has newly held over $1.38 billion in IBIT this quarter, 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 the largest hedge fund management companies in Europe. 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 ETF holdings

Schonfeld Strategic Advisors is a hedge fund managing $13 billion in assets. As of December 31, 2024, Schonfeld Strategic Advisors holds $850 million in spot Bitcoin 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's quarterly increase in holdings 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, with the holding size increasing by over 36 times compared to the previous quarter.

Avenir Capital: IBIT holding ratio 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 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 holdings in FBTC.

Mubadala Investments: Increased holdings of nearly $440 million in IBIT, becoming the seventh-largest holder

Mubadala Investments, 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 in spot Bitcoin 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: Continues to increase IBIT holdings to $430 million

Tudor Investment is the investment company of 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, 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 holding value exceeds $330 million. However, SWIB chose to liquidate 1.013 million shares of Grayscale's GBTC in Q2 2024.

LPL Financial: Holding size 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 spot Bitcoin 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 newly purchased BTC, BTCW, and BITO. Additionally, LPL Financial holds $16.39 million in ETHE, ETHA, and Grayscale's mini trust ETH.

Bank of Montreal: Significantly expands investment scale in Q4, with IBIT occupying a major share

The Bank of Montreal is the third-largest bank in Canada by market capitalization, with total assets exceeding $1 trillion. As of December 31, 2024, the Bank of Montreal holds approximately $150 million in spot Bitcoin ETFs. Among these, about $139 million is invested in IBIT, with the remainder diversified into FBTC, ARKB, GBTC, and BITO. While the Bank of Montreal significantly increased its holdings in IBIT in Q4 2024, it reduced and liquidated many shares of spot Bitcoin ETFs in Q3, including Franklin Templeton's EZBC and Grayscale's Bitcoin mini trust BTC.

At the same time, the Bank of Montreal also holds approximately $3.869 million in spot Ethereum 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 were significantly reduced, even completely liquidated.

Barclays: Holds over $130 million in IBIT, GBTC liquidated

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, repurchases GBTC again

Multicoin Capital is a well-known crypto fund that has gained significant market attention due to several prominent articles on crypto investments. As of Q4 2024, Multicoin Capital holds approximately $110 million in Grayscale's GBTC and mini trust BTC, with GBTC being repurchased in this quarter after being liquidated in Q3.

HighTower: Holding size exceeds $110 million, Q4 increases multiple Ethereum ETF holdings

HighTower is one of the largest registered investment advisors and wealth management companies in the U.S., managing $130 billion in assets. HighTower's holdings in spot Bitcoin ETFs include GBTC, FBTC, IBIT, BITX, and ARKB, with a total value of nearly $110 million. Among these, HighTower increased its holdings in HODL and IBIT relatively more in Q4. In terms of spot Ethereum ETF products, HighTower holds nearly $5 million in ETHE, Grayscale mini trust ETH, and FETH, most of which were purchased in this quarter.