Crypto ETFs are rapidly making inroads into the mainstream financial world, with institutional investors showing a significant increase in interest in Bitcoin and Ethereum spot ETFs. According to reports from The Block and CryptoSlate, by Q4 2024, institutional interest in Ethereum spot ETFs had surged, with the proportion of institutional holdings jumping from 4.8% to 14.5%. Meanwhile, institutional investors held 25.4% of the managed assets (AUM) in Bitcoin spot ETFs, amounting to $26.8 billion. Between Q3 and Q4 2024, the holding ratio grew by 113%, with total managed assets soaring by 69% to $78.8 billion. Particularly, as more sovereign nations and corporations start to incorporate Bitcoin into their strategic reserves, and with the expectation of increased staking in Ethereum ETFs, the market size of these ETFs is set to expand further.

PANews has compiled the Bitcoin/Ethereum spot ETF holdings of 15 institutions in 2024, covering investment firms, hedge funds, banks, and pension funds. These institutions' cumulative holdings are valued at over $13.98 billion, with Goldman Sachs, Millennium, SIG, and Brevan Howard each holding positions worth billions of dollars. Compared to previous quarters, these institutions have significantly increased their allocation. In terms of holding strategies, each has different market expectations and asset allocation directions, with many conducting large-scale increases in Q4 2024, especially BlackRock's IBIT, which has been the most popular.

As of Q4 2024, Goldman Sachs held nearly $2.34 billion in Bitcoin spot ETFs, with IBIT accounting for 83.7% of its holdings, the remainder being FBTC and GBTC. Compared to previous quarters, Goldman Sachs made substantial increases in IBIT and FBTC, while liquidating positions in GBTC, BTCO, BITB, ARKB, and BTCW. Additionally, Goldman Sachs held over $470 million in Ethereum spot ETFs, but significantly reduced its holdings in Grayscale's Ethereum mini-trust ETH, while increasing its stakes in BlackRock's ETHA and Fidelity's FETH.

Millennium, one of the world's largest alternative asset management firms, held nearly $2.62 billion in Bitcoin spot ETFs as of Q4 2024, with IBIT and FBTC accounting for 60.5% and 26.5% of its holdings, respectively. Compared to Q3, Millennium's holding ratio increased the most in GBTC, IBIT, and BITB, while reducing its stakes in FBTC and Grayscale's BTC. In terms of Ethereum spot ETF holdings, Millennium held over $180 million, including ETHA, ETH, FETH, and ETHW, with its holdings in ETHA growing by 156%.

SIG, a global quantitative trading firm, held over $1.89 billion in Bitcoin spot ETFs as of December 31, 2024, including IBIT, GBTC, FBTC, and BITO. IBIT saw the largest increase in Q4, with an investment value exceeding $1.42 billion, accounting for 75.1% of its total holdings. Meanwhile, SIG held approximately $11.36 million in Ethereum spot ETFs, but its holdings in these products saw double-digit reductions compared to the previous quarter.

Brevan Howard, one of the world's largest macro hedge funds with a management scale of $40 billion, added over $1.38 billion in IBIT in Q4 2024, making it one of the largest shareholders. Additionally, Brevan Howard increased its holdings in ETHA by approximately $94.15 million in the fourth quarter.

Capula Investment Management, one of Europe's largest hedge fund management firms, held nearly $940 million in IBIT and FBTC as of Q4 2024, with continuous increases since Q2.

Schonfeld Strategic Advisors, a hedge fund managing $13 billion in assets, held $850 million in Bitcoin spot ETFs as of December 31, 2024, primarily in FBTC, IBIT, and BITB, with varying degrees of increases in Q4. Additionally, Schonfeld Strategic Advisors added approximately $75.28 million in ETHA and FETH in Q4.

Symmetry Investment, a fund management company with a macro hedge strategy, held $670 million in IBIT as of Q4 2024, a growth of over 36 times compared to the previous quarter.

Avenir Capital, a family office controlled by Huobi founder Li Lin, held approximately $600 million in BlackRock's IBIT and Fidelity's FBTC as of December 31, 2024, with IBIT accounting for 99% of its holdings. Compared to previous quarters, Avenir Capital increased its stake in IBIT and significantly reduced its position in FBTC in Q4 2024.

Mubadala Investments, the second-largest sovereign wealth fund in Abu Dhabi and one of the world's largest, began increasing its holdings in Bitcoin spot ETFs in Q4 2024, becoming 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, an investment firm managed by billionaire Paul Tudor Jones with over $10 billion in funds, held nearly $430 million in BlackRock's IBIT as of Q4 2024, a 9.2-fold increase from its initial holdings in Q2.

The Wisconsin Investment Board (SWIB), established in 1951 and managing over $156 billion in assets primarily for the Wisconsin Retirement System (WRS) and the State Investment Fund (SIF), held 6.06 million shares of BlackRock's IBIT as of December 31, 2024, a 109.7% increase from the previous quarter's 2.9 million shares. Valued at over $330 million based on the current IBIT price of $55.33, SWIB liquidated 1.013 million shares of Grayscale's GBTC in Q2 2024.

LPL Financial, the largest independently operated dealer in the US, held approximately $140 million in Bitcoin spot ETH as of December 31, 2024, primarily in GBTC and IBIT, with other holdings including mini-trust BTC, EZBC, and ARKB. In this quarter, LPL Financial increased its stakes in IBIT and EZBC and added new purchases of BTC, BTCW, and BITO. Additionally, LPL Financial held $16.39 million in ETHE, ETHA, and Grayscale's mini-trust ETH.

Bank of Montreal, the third-largest market-value bank in Canada with total assets exceeding $1 trillion, held approximately $150 million in Bitcoin spot ETFs as of December 31, 2024. Of this, about $139 million was invested in IBIT, with the remainder spread across FBTC, ARKB, GBTC, and BITO. While Bank of Montreal significantly increased its holdings in IBIT in Q4 2024, it reduced and liquidated many shares of Bitcoin spot ETFs in Q3, including Franklin Templeton's EZBC and Grayscale's Bitcoin mini-trust BTC.

Additionally, Bank of Montreal held approximately $3.869 million in Ethereum spot ETFs, with new investments in Grayscale's ETHE and BlackRock's ETHA in Q4, while significantly reducing and even liquidating its stakes in Fidelity's FETH and Grayscale's Ethereum mini-trust ETH.

Barclays, one of the largest commercial banks in the UK, held 2.473 million shares of IBIT, valued at over $130 million, as of Q4 2024. However, Barclays liquidated its 2,850 shares of GBTC purchased in Q1 2024 in Q3.

Multicoin Capital, a crypto fund known for its influential investment writings, held approximately $110 million in Grayscale's GBTC and mini-trust BTC as of Q4 2024, having re-purchased GBTC after liquidating it in Q3.

HighTower, one of the largest registered investment advisors and wealth management firms in the US with $130 billion in assets under management, held Bitcoin spot ETFs including GBTC, FBTC, IBIT, BITX, and ARKB, valued at nearly $110 million. HighTower increased its holdings in HODL and IBIT significantly in Q4. In terms of Ethereum spot ETF products, HighTower held nearly $5 million in ETHE, Grayscale's mini-trust ETH, and FETH, mostly purchased in this quarter.