Investing.com -- Goldman Sachs upped its investments in Ethereum and Bitcoin exchange-traded funds (ETFs) during the fourth quarter of 2024, new filings with the SEC showed.
According to the documents, the Wall Street bank raised its holdings in Ether ETFs by 2,000% in Q4, raising the exposure from $22 million to $476 million. This increase was primarily distributed between BlackRock (NYSE:BLK)’s iShares Ethereum Trust (ETHA) and the Fidelity Ethereum Fund (FETH), with an additional investment of $6.3 million in the Grayscale Ethereum Trust ETF (ETHE).
Goldman Sachs also raised its Bitcoin ETF portfolio by 114%, reaching a total value of $1.52 billion.
The firm’s investment included nearly $1.28 billion in the iShares Bitcoin Trust (IBIT), marking a 177% increase from the third quarter, and $288 million in shares of the Fidelity Wise (LON:WISEa) Origin Bitcoin Fund (FBTC). Moreover, the bank holds $3.6 million in the Grayscale Bitcoin Trust (GBTC).
These investments coincided with a notable rise in the market prices of Bitcoin (BTC) and Ethereum (ETH), which saw increases of 41% and 26.3%, respectively, during the fourth quarter.
Furthermore, the filings show that Goldman Sachs exited its positions in several other Bitcoin ETFs, including those offered by Bitwise and WisdomTree, as well as joint ETFs from Invesco and Galaxy, and ARK and 21Shares.
Goldman Sachs’ augmented interest in the spot crypto ETF market builds upon its initial foray in the second quarter of 2024 when the bank disclosed a $418 million investment in Bitcoin ETFs.
Institutional investment managers overseeing at least $100 million in equity assets must submit 13F filings to the US SEC every quarter. These disclosures, due within 45 days after the quarter’s close, offer insight into their stock holdings.