Goldman Sachs has made a significant move in the crypto space, reporting over $2 billion in exposure to Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) as of December 31st, according to its latest 13F form. This marks a substantial increase from previous quarters, showcasing the financial institution’s growing interest in the digital asset market.
The 13F form revealed that Goldman Sachs had a whopping $1.56 billion exposure to Bitcoin at the end of the fourth quarter of 2024, more than double the $710 million reported in the previous quarter. The filing detailed over $1.2 billion in BTC exposure through BlackRock’s IBIT, $3.6 million via Grayscale’s GBTC, and $288 million via Fidelity’s FBTC. Additionally, the form showed $760 million in options trading positions through spot ETFs, with a put position worth over $84 million opened through FBTC and a $527.5 million put position via IBIT. There was also a call position worth $157.3 million opened through IBIT.
Goldman Sachs also demonstrated a growing appetite for Ethereum, with a significant increase in exposure quarter over quarter. As of December 31st, the financial institution reported $476.5 million in spot Ethereum ETF shares, compared to just $25.1 million in September 30th, representing a nearly 19x leap. The 13F filing showed $234.7 million in ETH exposure through Fidelity’s FETH, $235.5 million via BlackRock’s ETHA, and $6.3 million in Ethereum exposure via Grayscale’s ETH mini trust. Despite the substantial increase in ETH exposure, it still only represents 30% of Goldman Sachs’ total crypto exposure.
In terms of share amount, Goldman Sachs reported an 88.5% and 105.2% increase in its IBIT and FBTC shares, respectively, while reducing 97% of the GBTC shares it held. The institution also closed previous exposure through various ETFs in the third quarter.
Overall, Goldman Sachs’ latest 13F filing highlights the growing interest of traditional financial institutions in the crypto market, with significant exposure to both Bitcoin and Ethereum ETFs. This move signals a shift towards embracing digital assets as part of their investment portfolios, further solidifying the legitimacy and adoption of cryptocurrencies in the mainstream financial sector.