Crypto ETF Welcomes Institutional Onslaught, with 15 Institutions Holding Nearly $14 Billion in Assets
Original Title: "Crypto ETF Welcomes Institutional Onslaught, 15 Institutions Hold Nearly $14 Billion in Assets, BlackRock Dominates"
Original Author: Nancy, PANews
Crypto ETFs are rapidly advancing into the mainstream financial world. In addition to the surge in applications for altcoin ETFs, the institutional holding rates of Bitcoin and Ethereum spot ETFs have skyrocketed.
According to reports from The Block and Cryptoslate, as of Q4 2024, institutional investors have shown a significantly increased interest in Ethereum spot ETFs. The institutional holding rate of Ethereum ETFs has surged from 4.8% to 14.5%. At the same time, institutional investors hold 25.4% of the assets under management (AUM) of Bitcoin spot ETFs, totaling $26.8 billion. These institutions saw a 113% increase in their holding rate from Q3 to Q4 in 2024, with the total AUM jumping by 69% to $78.8 billion. With more sovereign nations and corporations beginning to include Bitcoin in their strategic reserves and the increasing expectation for Ethereum ETF staking, the market size of these ETFs is expected to further expand.
This article from PANews has compiled the holdings of 15 institutions in Bitcoin and Ethereum spot ETFs in 2024, covering investment institutions, hedge funds, banks, and pension funds, among others. The cumulative holding value of these institutions exceeds $13.98 billion. Institutions such as Goldman Sachs, Millennium, SIG, and Brevan Howard have holdings in the billions of dollars. Compared to the holdings of mainstream institutions in Bitcoin spot ETFs over multiple quarters in 2024 as previously reported by PANews, the allocation intensity of these institutions has significantly increased. In terms of holding strategy, each institution has different market expectations and asset allocation directions. Several institutions made large-scale increases in the fourth quarter of 2024, with BlackRock's IBIT being particularly attractive. In terms of holding structure, the vast majority of institutions focus on Bitcoin spot ETF products. However, starting from Q4, several institutions have increased their investments in Ethereum ETFs, primarily focusing on BlackRock's ETHA, Fidelity's FETH, and Grayscale's Ethereum Mini Trust (ETH).
Goldman Sachs: IBIT Holding Accounts for 83%, Grayscale ETF Faces Significant Reduction
As of Q4 2024, Goldman Sachs held nearly $23.4 billion in Bitcoin spot ETFs, with IBIT accounting for 83.7% of the holdings, while the rest were in FBTC and GBTC. Compared to previous quarters, Goldman Sachs significantly increased its holdings in IBIT and FBTC while reducing and liquidating holdings in GBTC, BTCO, BITB, ARKB, and BTCW.
Meanwhile, Goldman Sachs also holds over $4.7 billion of Ethereum spot ETF. However, Grayscale's Ethereum Trust (ETH) saw a significant reduction in holdings in the third quarter, while Belldex's ETHA and Fidelity's FETH saw significant increases.
Millennium: Total Holdings Value Exceeding $28 Billion, IBIT and FBTC Preferred
Millennium is one of the world's largest alternative asset management companies. As of Q4 2024, Millennium held nearly $26.2 billion of Bitcoin spot ETF, with IBIT and FBTC accounting for 60.5% and 26.5% of the holdings, respectively, and the rest in BITB, ARKB, GBTC, and BTCO, among others. Compared to the third quarter, Millennium saw the largest increases in holdings for GBTC, IBIT, and BITB, while reducing holdings in FBTC and Grayscale's BTC.
In terms of Ethereum spot ETF holdings, Millennium held a value exceeding $1.8 billion, including ETHA, ETH, FETH, and ETHW. Grayscale's ETH saw a significant reduction in Millennium's holdings in Q4, while ETHA's holdings increased by 156%.
SIG: IBIT Emerges as the Largest Holding, Significant Reduction in Ethereum ETF
Sigma International Group (SIG) is a global quantitative trading firm. As of December 31, 2024, SIG held over $18.9 billion of Bitcoin spot ETF, including IBIT, GBTC, FBTC, and BITO. IBIT saw the highest increase in holdings in the fourth quarter, with an investment value exceeding $14.2 billion, accounting for 75.1% of the total holdings. Additionally, SIG also held around $11.36 million of Ethereum spot ETF, including ETHA, FETH, ETHV, and ETH, but these products all saw double-digit reductions in holdings compared to the previous quarter.
Brevan Howard: Over $14 Billion Invested in Belldex ETF
Brevan Howard is one of the world's largest macro hedge funds, with assets under management reaching $400 billion. As of Q4 2024, Brevan Howard added over $13.8 billion of IBIT this quarter, becoming one of the largest shareholders. Additionally, Brevan Howard also increased its holdings by approximately $94.15 million in ETHA in the fourth quarter.
Capula Investment Management: Position Size Approaching $9.4 Billion, Continues to Accumulate IBIT and FBTC
Capula Investment Management is one of Europe's largest hedge fund management companies. As of Q4 2024, Capula Investment Management holds nearly $9.4 billion worth of IBIT and FBTC, with the institution continuously increasing its holdings since the second quarter.
Schonfeld Strategic Advisors: Position Size Exceeds $9 Billion, Q4 Adds Holding in Ethereum ETF
Schonfeld Strategic Advisors is a hedge fund managing $13 billion in assets. As of December 31, 2024, Schonfeld Strategic Advisors holds $8.5 billion worth of Bitcoin spot ETF, primarily in FBTC, IBIT, and BITB, with varying degrees of accumulation in the fourth quarter. Additionally, Schonfeld Strategic Advisors added a holding of approximately $75.28 million worth of ETHA and FETH in the fourth quarter.
Symmetry Investment: Quarterly Increase in IBIT Holding Surges Over 36 Times
Symmetry Investment is a fund management company with a macro hedge strategy. As of Q4 2024, Symmetry Investment holds $6.7 billion worth of IBIT, a growth of over 36 times compared to the previous quarter.
Avenir Capital: IBIT Holding Accounts for as High as 99%, Significant Reduction in FBTC
Avenir Capital is a family office held by Huobi's founder, Li Lin. As of December 31, 2024, Avenir Capital holds approximately $6 billion worth of BlackRock IBIT and Fidelity FBTC, with IBIT accounting for as high as 99% of the holdings. In comparison to the previous quarters, Avenir Capital chose to increase its IBIT holdings in Q4 2024 and significantly reduce its exposure to FBTC.
Mubadala Investments: Increases Holdings in IBIT by Nearly $440 Million to Become Seventh-Largest Holder
The Abu Dhabi sovereign wealth fund Mubadala Investments is the second-largest sovereign wealth fund in Abu Dhabi and one of the largest sovereign wealth funds globally.
Mubadala Investments began increasing its holdings in the Bitcoin spot ETF in Q4 2024, becoming the seventh-known holder of IBIT. As of December 31, 2024, Mubadala Investments held 8.235 million IBIT, valued at nearly $4.4 billion.
TudorInvestment: Continues to Increase Stake in IBIT to $430 Million
TudorInvestment is the investment firm owned by billionaire Paul Tudor Jones, managing funds exceeding $10 billion. As of the fourth quarter of last year, TudorInvestment held nearly $430 million of the BlackRock IBIT, a 9.2x increase from Q2's initial position.
State of Wisconsin Investment Board: Holds Over $330 Million Worth of 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 State Investment Fund (SIF).
As of December 31, 2024, SWIB held 6.06 million shares of BlackRock's IBIT, a 109.7% increase from nearly 2.9 million shares in the previous quarter. Based on the current IBIT price of $55.33, SWIB's holdings are valued at 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 Invested 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 worth of Bitcoin spot ETH, primarily in GBTC and IBIT, as well as other investments including Mini Trust BTC, EZBC, and ARKB. In this quarter, LPL Financial increased its holdings of IBIT and EZBC, and added purchases of BTC, BTCW, and BITO. Additionally, LPL Financial also holds $16.39 million worth of ETHE, ETHA, and Grayscale's Mini Trust ETH.
Montreal Bank: Significant Expansion of Investment Portfolio in Q4, IBIT Holds Major Share
Montreal Bank is the third-largest bank in Canada by market capitalization, with total assets exceeding $1 trillion. As of December 31, 2024, Montreal Bank held approximately $150 million in Bitcoin spot ETF. Of this amount, around $139 million was invested in IBIT, with the remaining dispersed investments in FBTC, ARKB, GBTC, and BITO. While Montreal Bank significantly increased its holdings in IBIT in Q4 2024, it reduced and divested a significant portion of its Bitcoin spot ETF holdings in Q3, including Franklin Templeton's EZBC and Grayscale's Bitcoin Mini Trust BTC.
Additionally, Montreal Bank also held Ethereum spot ETF worth around $3.869 million. In Q4, investments were added in Grayscale's ETHE and BlackRock's ETHA, while Fidelity's FETH and Grayscale's Ethereum Mini Trust ETH were significantly reduced, even fully divested.
Barclay: Holds over $130 Million Worth of IBIT, GBTC Fully Divested
Barclay is one of the largest commercial banks in the UK. As of Q4 2024, Barclay held 2.473 million shares of IBIT, valued at over $130 million. However, the 2,850 GBTC shares purchased by Barclay in Q1 2024 were fully divested in Q3.
Multicoin Capital: Holdings Worth Around $110 Million, Repurchases GBTC
Multicoin Capital is a prominent crypto fund known for its multiple crypto investment theses that have garnered significant market attention. As of Q4 2024, Multicoin Capital held around $110 million worth of Grayscale GBTC and Mini Trust BTC, with GBTC repurchased in this quarter after being fully divested in Q3.
HighTower: Portfolio Size Exceeding $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 United States, managing $130 billion in assets. HighTower's Bitcoin spot ETF holdings include GBTC, FBTC, IBIT, BITX, and ARKB, totaling nearly $110 million. HighTower significantly increased holdings in HODL and IBIT in the fourth quarter. In terms of Ethereum spot ETF products, HighTower only held around $5 million worth of ETHE, Grayscale Mini Trust ETH, and FETH, with the majority acquired in this quarter.
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