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 rapidly integrating into the mainstream financial markets. In addition to the emergence of a large number of altcoin ETF applications, the institutional holding ratio of Bitcoin and Ethereum spot ETFs has also risen significantly.

According to The Block and Cryptoslate, as of the fourth quarter of 2024, institutional investors' interest in Ethereum spot ETFs increased significantly, with institutional holdings soaring from 4.8% to 14.5%; at the same time, the asset management scale (AUM) held by institutional investors reached US$26.8 billion, accounting for 25.4% of the total. From the third quarter to the fourth quarter of 2024, institutional holdings increased by 113%, and AUM jumped 69% to US$78.8 billion. As more countries/enterprises include Bitcoin in their strategic reserves, and expectations of Ethereum ETF staking continue to rise, the market size of these ETFs is expected to expand further.

This article PANews has compiled the holdings of 15 institutions in Bitcoin/Ethereum spot ETFs in 2024, covering investment institutions, hedge funds, banks and pension funds. The total holdings of these institutions are worth more than US$13.98 billion. Goldman Sachs, Millennium, SIG and Brevan Howard all have billions of dollars in holdings, and these institutions have significantly increased their investment compared to previous statistics from PANews. From the perspective of investment strategies, the market expectations and asset allocation directions of each institution are different. Many institutions significantly increased their holdings in the fourth quarter of 2024, especially BlackRock's IBIT products are the most money-making. In terms of position structure, most institutions mainly hold Bitcoin spot ETFs, but starting from the fourth quarter, many institutions have increased their investment in Ethereum ETFs, mainly including BlackRock's ETHA, Fidelity's FETH and Grayscale's ETH mini trust.

Goldman Sachs: IBIT holdings account for as high as 83%, significantly reducing holdings of grayscale ETFs

As of the fourth quarter of 2024, Goldman Sachs held nearly US$2.34 billion in Bitcoin spot ETFs, of which IBIT accounted for as high as 83.7%, and the rest were FBTC and GBTC. Compared with the previous quarters, Goldman Sachs significantly increased its holdings in IBIT and FBTC, while simultaneously reducing its holdings and clearing its holdings in GBTC, BTCO, BITB, ARKB and BTCW.

In addition, Goldman Sachs also holds more than $470 million in Ethereum spot ETFs, but significantly reduced its holdings in Grayscale's ETH Mini Trust in the third quarter and increased its holdings in BlackRock ETHA and Fidelity FETH.

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

Millennium is one of the world's largest alternative asset management companies. As of the fourth quarter of 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 in GBTC, IBIT and BITB increased the most, and reduced its holdings in FBTC and Grayscale BTC.

In terms of Ethereum spot ETF, Millennium holds more than US$180 million in assets, including ETHA, ETH, FETH and ETHW. Among them, Grayscale ETH was significantly reduced in the fourth quarter, while ETHA's holdings increased by 156%.

SIG: IBIT is the largest position, significantly reducing its holdings in Ethereum ETF

Haina International Group (SIG) is a global quantitative trading company. As of December 31, 2024, SIG held more than US$1.89 billion in Bitcoin spot ETFs, including IBIT, GBTC, FBTC and BITO. In the fourth quarter, IBIT's largest increase in holdings, with an investment value of more than US$1.42 billion, accounting for 75.1% of the total. 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 world's largest macro hedge funds with a management scale of US$40 billion. As of the fourth quarter of 2024, Brevan Howard added more than $1.38 billion in IBIT, becoming one of its largest shareholders. Meanwhile, Brevan Howard also increased its ETHA by about $94.15 million in the fourth quarter.

Overview of other institutions' investment situation: The following institutions have also made significant investments in crypto ETFs. For details, please refer to the original text: Capula Investment Management, Schonfeld Strategic Advisors, Symmetry Investment, Avenir Capital, Mubadala Investments, Tudor Investment, Wisconsin Investment Commission, LPL Financial, Bank of Montreal, Barclays, Multicoin Capital, HighTower

In short, institutional investors' interest in crypto ETFs continues to rise, and BlackRock's IBIT products are particularly popular. This trend reflects the increasing acceptance and allocation of crypto assets by institutional investors.

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