Crypto ETFs welcome the wave of institutional entry, with 15 institutions holding nearly US$14 billion, BlackRock attracting the most money

Author: Nancy, PANews

Crypto ETFs are accelerating their efforts to attack the mainstream financial world. In addition to the crowded applications of altcoin ETFs, the institutional holdings of Bitcoin and Ethereum spot ETFs have soared sharply.

According to The Block and Cryptoslate, as of Q4 2024, institutional investors' interest in spot Ethereum ETFs increased significantly, with institutional holdings of Ethereum ETFs jumping from 4.8% to 14.5%; at the same time, spot held by institutional investors Bitcoin ETFs managed assets (AUM) totaled $26.8 billion, with holdings of these institutions increased by 113% in Q3 to Q4 2024, and total assets managed jumped 69% to $78.8 billion. Especially as more sovereign countries/enterprises begin to include Bitcoin in their strategic reserves, and expectations of staking on Ethereum ETFs continue to increase, the market size of these ETFs will be further expanded.

This article PANews has compiled the Bitcoin/Ethereum spot ETF holdings of 15 institutions in 2024, covering investment institutions, hedge funds, banks and pension funds. The cumulative holdings of these institutions exceed US$13.98 billion, of which the holdings of Goldman Sachs, Millennium, SIG and Brevan Howard all reached billions of dollars, compared with the previous mainstream institutions counted by PANews in Bitcoin spot ETF positions in multiple quarters of 2024. Judging from the situation , the configuration of these institutions has been significantly improved. From the perspective of holding strategies, each company has different market expectations and asset allocation directions. Many institutions have large-scale increase in holdings in the fourth quarter of 2024, especially BlackRock's IBIT is the most money-making. In terms of position structure, most institutions mainly focus on Bitcoin spot ETF products. However, since Q4, many institutions have increased their investment in Ethereum ETFs, mainly BlackRock's ETHA, FETH and Grayscale Mini Trust ETH is the main one.

**Goldman Sachs: IBIT holdings account for as much as 83%, Grayscale

ETF** was significantly reduced

As of Q4 2024, Goldman Sachs held nearly US$2.34 billion in Bitcoin spot ETFs, of which IBIT's holdings accounted for 83.7%, and the rest were FBTC and GBTC. Compared with the previous quarters, Goldman Sachs increased its holdings in IBIT and FBTC, reduced its holdings and cleared its holdings in GBTC, BTCO, BITB, ARKB and BTCW.

At the same time, Goldman Sachs also holds more than US$470 million in Ethereum spot ETFs, but Grayscale's Ethereum Mini Trust ETH was significantly reduced in the third quarter, while BlackRock ETHA and Fidelity's FETH were significantly increased. .

**Millennium: The total holding value exceeds US$2.8 billion, IBIT and

FBTC are more popular**

Millennium is one of the largest alternative asset management companies in the world. As of Q4 2024, Millennium held nearly US$2.62 billion in Bitcoin spot ETFs, of which IBIT and FBTC accounted for 60.5% and 26.5% respectively, and the rest were BITB, ARKB, GBTC and BTCO. Compared with the third quarter, Millennium's holdings increased the most by GBTC, IBIT and BITB, and reduced its holdings of FBTC and Grayscale's BTC.

In terms of Ethereum spot ETF positions, Millennium holds more than US$180 million, including ETHA, ETH, FETH and ETHW. Among them, Grayscale's ETH suffered a large-scale reduction in Millennium's holdings in Q4, while ETHA's holdings increased by 156%.

SIG: **IBIT becomes the largest position, significantly reducing its

holdings on Ethereum ETF**

Haina International Group (SIG) is a global quantitative trading company. As of December 31, 2024, SIC held Bitcoin spot ETFs worth more than US$1.89 billion, including IBIT, GBTC, FBTC and BITO. Among them, IBIT had the highest increase in holdings in the fourth quarter, with an investment value of over US$1.42 billion, accounting for 75.1% of the overall scale. At the same time, SIG also holds about US$11.36 million in Ethereum spot ETFs, including ETHA, FETH, ETHV and ETH, but the holdings of these products all showed double-digit reductions compared with the previous quarter.

Brevan Howard: Over US$1.4 billion to invest in BlackRock ETF

Brevan Howard is one of the largest macro hedge funds in the world, with a management scale of US$40 billion. As of Q4 2024, Brevan Howard added more than US$1.38 billion in IBIT this quarter, making it one of its largest shareholders. Meanwhile, Brevan Howard also increased its holdings of ETHA worth approximately $94.15 million in the fourth quarter.

Capula **InvestmentManagement: Positions approaching US$940 million,

continuing to increase investment in IBIT and FBTC**

CapulaInvestmentManagement is one of the largest hedge fund management companies in Europe. As of Q4 2024, Capula Investment Management held nearly $940 million worth of IBIT and FBTC, and the institution continued to increase its holdings since the second quarter.

**Schonfeld Strategic Advisors: The holding scale exceeds US$900 million,

and new** holdings of Ethereum ETF in Q4

Schonfeld Strategic Advisors is a hedge fund that manages $13 billion in assets. As of December 31, 2024, Schonfeld Strategic Advisors held $850 million worth of Bitcoin spot ETFs, mainly FBTC, IBIT and BITB, and all increased their holdings to varying degrees in the fourth quarter. Meanwhile, Schonfeld Strategic Advisors also added ETHA and FETH worth approximately $75.28 million in the fourth quarter.

Symmetry Investment: IBIT 's **quarterly increase in holdings by more

than 36 times**

Symmetry Investment is a fund management company with a macro hedging strategy. As of the fourth quarter of 2024, Symmetry Investment held $670 million worth of IBIT, an increase of more than 36 times from its holdings in the previous quarter.

Avenir Capital: IBIT positions account for as much as 99%, **FBTC was

significantly reduced**

Avenir Capital is a family office controlled by Huobi founder Li Lin. As of December 31, 2024, Avenir Capital held approximately US$600 million worth of BlackRock IBIT and Fidelity FBTC, of ​​which IBIT's holdings accounted for as much as 99%. Compared with previous quarters, Avenir Capital chose to increase its holdings in IBIT in Q4 2024 and significantly reduced its holdings in FBTC.

**Mubadala Investments: IBIT, with nearly $440 million increase, becomes

the seventh largest holder**

Mubadala Investments, the sovereign wealth fund in Abu Dhabi, is Abu Dhabi's second largest sovereign wealth fund and one of the world's largest sovereign wealth funds.

Mubadala Investments began to increase its holdings of Bitcoin spot ETFs in Q4 2024, making it the seventh largest known holder of IBIT. As of December 31, 2024, Mubadala Investments held 8.235 million IBITs, worth nearly US$440 million.

Tudor **Investment: Continue to increase IBIT positions to US$430

million**

Tudor Investment is an investment company owned by billionaire Paul Tudor Jones, with over $10 billion in funding under management. As of the fourth quarter of last year, TudorInvestment held nearly $430 million in BlackRock IBIT, 9.2 times the size of its first position in Q2.

**Wisconsin Investment Commission: Position value exceeds $330 million

IBIT**

The Wisconsin Investment Commission (SWIB) was established in 1951 and currently manages more than $156 billion in assets, mainly serving the Wisconsin Retirement System (WRS) and State Investment Funds (SIF).

As of December 31, 2024, SWIB held 6.06 million BlackRock's IBIT, an increase of 109.7% from nearly 2.9 million in the previous quarter. Based on the current IBIT price of US$55.33, SWIB's holdings value exceeds US$330 million. But SWIB chose to clear 1.013 million grayscale GBTC in Q2 2024.

**LPL Financial: The holding scale exceeds US$150 million, with a heavy

holding of GBTC and IBIT**

LPL Financial is the largest independent dealer in the United States. As of December 31, 2024, LPL Financial held approximately US$140 million in Bitcoin spot ETH, mainly based on GBTC and IBIT, and others include Mini Trust BTC, EZBC and ARKB. In the quarter, LPL Financial increased its holdings in IBIT and EZBC, etc., and added new purchases of BTC, BTCW and BITO. Meanwhile, LPL Financial also holds ETH, ETHA and Grayscale mini-trust ETH.

**Bank of Montreal: Investment scale significantly expanded in Q4, with

IBIT accounting for** the main share

Bank of Montreal is the third largest bank in Canada with total assets of more than $1 trillion. As of December 31, 2024, Montreal Bank held approximately US$150 million in Bitcoin spot ETFs. Of these, approximately US$139 million was invested in IBIT, and the remaining diversified investments were FBTC, ARKB, GBTC and BITO. While Bank of Montreal significantly increased its holdings in IBIT in Q4 2024, it reduced its holdings and cleared its holdings in Q3, including Franklin Templeton's EZBC and Grayscale's Bitcoin Mini Trust BTC.

Meanwhile, Montreal Bank also holds Ethereum spot ETFs worth about $3.869 million. Among them, Grayscale's ETHE and BlackRock's ETHA added new investments in Q4, while Fidelity's FETH and Grayscale's Ethereum Mini Trust ETH were significantly reduced, and even all of them were cleared.

Barclays: Holding IBIT worth over $130 million, GBTC is cleared

Barclays is one of the largest commercial banks in the UK. As of Q4 2024, Barclays held 2.473 million IBITs, worth over US$130 million. But the 2,850 GBTC purchased by Barclays in Q1 2024 have been cleared in Q3.

Multicoin Capital: Position valued at approximately US$110 million,

repurchasing GBTC again

Multicoin Capital is an internet celebrity in crypto fund, which has gained a lot of attention from the market for its many crypto investment articles. As of the fourth quarter of 2024, Multicoin Capital held Grayscale GBTC and Mini Trust BTC worth approximately $110 million, of which GBTC was bought back again in the quarter after being cleared in Q3.

HighTower: **The holding scale exceeded US$110 million, and the

holdings of multiple Ethereum ETFs increased in Q4**

HighTower is one of the largest registered investment consultants and wealth management companies in the United States, 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 US$110 million. Among them, HighTower increased its holdings in HODL and IBIT in the fourth quarter. In terms of Ethereum spot ETF products, HighTower only holds nearly $5 million worth of ETHE, Grayscale Mini Trust ETH and FETH, most of which were purchased this quarter.